(1) While a company is under administration, a person (other than the administrator) cannot perform or exercise, and must not purport to perform or exercise, a function or power as an officer of the company, except with the administrator's written approval. (2) Subsection (1) does not remove an officer of a company from his or her office. (3) Section 437D does not limit the generality of subsection (1) of this section. (4) In this section:
(5) However, a person is not an officer of a company for the purposes of this section merely because he or she is an employee of the company.