(1) This section defines what is meant by references in this Part to a person being subject to foreign restrictions.
(2) A person is subject to foreign restrictions if under the law of a country or territory outside the United Kingdom—
(a) he is, by reason of misconduct or unfitness, disqualified to any extent from acting in connection with the affairs of a company,
(b) he is, by reason of misconduct or unfitness, required—
(i) to obtain permission from a court or other authority, or
(ii) to meet any other condition,
before acting in connection with the affairs of a company, or
(c) he has, by reason of misconduct or unfitness, given undertakings to a court or other authority of a country or territory outside the United Kingdom—
(i) not to act in connection with the affairs of a company, or
(ii) restricting the extent to which, or the way in which, he may do so.
(3) The references in subsection (2) to acting in connection with the affairs of a company are to doing any of the following—
(a) being a director of a company,
(b) acting as receiver of a company's property, or
(c) being concerned or taking part in the promotion, formation or management of a company.
(4) In this section—
(a) “company” means a company incorporated or formed under the law of the country or territory in question, and
(b) in relation to such a company—
“director” means the holder of an office corresponding to that of director of a UK company; and
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