Pensions, etc., may cease on accepting employment in certain companies, or in engaging in certain occupations for gain
—(1) If any person to whom a pension or other allowance has been granted under this Act —
becomes a director of any company, the principal part of whose business is in any way directly concerned with Singapore or Malaysia;
becomes an officer or employee employed in Singapore or in Malaysia by any such company; or
engages in any occupation for gain in Singapore or in Malaysia,
without the permission of the President in writing first had and obtained, it shall be lawful for the President to direct that the pension or allowance granted to the person shall immediately cease, and thereupon the pension or allowance shall cease accordingly.
(2) It shall be lawful for the President, on being satisfied that the person in respect of whose pension or allowance any direction under subsection (1) shall have been given has ceased —
to be a director of a company referred to in that subsection;
to be employed as an officer or employee of such company in Singapore or in Malaysia; or
to be engaged in an occupation referred to in that subsection,
to give directions for the restoration of the pension or allowance, with retrospective effect if he sees fit, to such date as he shall specify, and the pension or allowance shall be restored accordingly.
(3) This section shall cease to apply to any person to whom a pension or other allowance has been granted under this Act after a period of 5 years from the date of his retirement.