(1) The Secretary of State may make provision by regulations disqualifying a person subject to foreign restrictions from -
(a) being a director of a UK company,
(b) acting as receiver of a UK company's property, or
(c) in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a UK company.
(2) The regulations may provide that a person subject to foreign restrictions -
(a) is disqualified automatically by virtue of the regulations, or
(b) may be disqualified by order of the court on the application of the Secretary of State.
(3) The regulations may provide that the Secretary of State may accept an undertaking (a "disqualification undertaking") from a person subject to foreign restrictions that he will not do anything which would be in breach of a disqualification under subsection (1).
(a) a "person disqualified under this Part" is a person - (i) disqualified as mentioned in subsection (2)(a) or (b), or
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