“(2) Where a person (in this section called ‘the prospective director') intends becoming a director of a corporation, the prospective director shall, by notice published in a daily newspaper circulating in the Territory, notify that intention.

“(3) A notice referred to in subsection (2) shall also—

        (a)     include the full name and present residential address of the prospective director;

        (b)     include the name of the corporation; and

        (c)     indicate that any person who would object to the continuation of the corporation's licence in the event that the prospective director became a director should notify the Registrar in writing within 14 days at the address of the Registrar specified in the notice.

“(4) The prospective director shall, as soon as practicable after submitting the notice for publication, forward a copy of the notice to the Chief Police Officer.

“(5) Where the Registrar—

        (a)     receives an objection to the continuation of the corporation's licence in the event that the prospective director became a director; and

        (b)     is satisfied that the objection is not frivolous or vexatious;

the Registrar shall hold an inquiry to determine whether the prospective director is or is not a person of good fame and character.”.