(1) A person shall not, at a particular time, be a director of more than -
(a) 25 private companies limited by shares; or
(b) 25 companies, one, or more than one, of which is a private company limited by shares and one, or more than one, of which is any other type of company capable of being wound up under this Act.
(2) Subsections (3) to (7) apply in reckoning, for the purposes of subsection (1) (the "relevant purposes"), the number of companies of which the person concerned is a director at a particular time (the "relevant time") and a reference in them to a company, without qualification, includes a reference to any type of company capable of being wound up under this Act.
(3) Without prejudice to the following subsections, there shall not be included for the relevant purposes any of the following companies of which the person is a director at the relevant time, namely -
(b) a company in respect of which a certificate under section 140 is in force.
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