Section 60

in contravention of section 32(1), continues to act as or hold office of a director, manager or secretary of a licensed housing developer or any similar office or position in the employ of the licensed housing developer notwithstanding that he has become bankrupt or suspended payment to or compounded with his creditors or is convicted of an offence involving fraud or dishonesty; or

in contravention of section 32(2), acts as or holds or continues to act as or hold office of a director or is directly concerned in the management of the business of any licensed housing developer without the approval in writing of the Minister after the business of that licensed housing developer has been wound up by a court, commits an offence and shall, on conviction, be liable to a fine of not exceeding fifteen thousand ringgit or to imprisonment for a term of not exceeding two years or to both.