(1) Subject to subsection (3) and section 44, one, at least, of the directors for the time being of a company, not being a company referred to in subsection (2), shall, on and from the commencement of this section, be a person who is resident in a Member State of the EEA.
(2) Subject to subsection (3) and section 44, one, at least, of the directors for the time being of a company, being -
(a) a company the memorandum of which was delivered to the registrar of companies for registration under section 17 of the Principal Act before the commencement of this section, or
(b) an existing company (within the meaning of the Principal Act),
shall, on and from the date that is 12 months after the commencement of this section, be a person who is resident in a Member State of the EEA.
(3) Subsection (1) or (2), as the case may be, shall not apply in relation to a company if the company for the time being holds a bond, in the prescribed form, in force to the value of £20,000 and which provide