Companies Act · s 139

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

139.
Restrictions on appointment or advertisement of director
(1) A person shall not be capable of being appointed director of a company by the articles, and shall not be named as a director or proposed director of a company in a prospectus issued by or on behalf of the company, or as proposed director of an intended company in a prospectus issued in relation to that intended company, or in a statement in lieu of prospectus delivered to the Registrar by or on behalf of a company, unless, before the registration of the articles or the publication of the prospectus, or the delivery of the statement in lieu of prospectus, as the case may be, he has by himself or by his agent authorised in writing -
(a) signed and delivered to the Registrar for registration a consent in writing to act as such director; and
(6)
either -
(i) signed the memorandum for a number of shares not less than his qualification, if any;
(ii) taken from the company and paid or agreed to pay for his qualification share, if any;
(iii) signed and delivered to the Registrar for registration an undertaking in writing to take from

148 CAP. 39
Companies the company and pay for his qualification shares, if any; or
(iv) made and delivered to the Registrar for registration a statutory declaration to the effect that a number of shares, not less than his qualification, if any, are registered in his name.
(2) Where a person has signed and delivered as aforesaid an undertaking to take and pay for his qualification shares, he shall, as regards those shares, be in the same position as if he had signed the memorandum for that number of shares.
(3) On the application for registration of the memorandum and articles of a company, the applicant shall deliver to the Registrar a list of the persons who have consented to be directors of the company and, if this list contains the name of any person who has not so consented, the applicant is liable to a fine of $2,000.
(4) This section does not apply to -
(a) a company not having a share capital;
(b) a private company;
(c)
a company which was a private company before becoming a public company; or
(d) a prospectus issued by or on behalf of a company after the expiration of one year from the date on which the company was entitled to commence business.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 139Restrictions on appointment or advertisement of director

(1)

A person shall not be capable of being appointed director of a company by the articles, and shall not be named as a director or proposed director of a company in a prospectus issued by or on behalf of the company, or as proposed director of an intended company in a prospectus issued in relation to that intended company, or in a statement in lieu of prospectus delivered to the Registrar by or on behalf of a company, unless, before the registration of the articles or the publication of the prospectus, or the delivery of the statement in lieu of prospectus, as the case may be, he has by himself or by his agent authorised in writing -

(a)

signed and delivered to the Registrar for registration a consent in writing to act as such director; and

(6)

either -

(i)

signed the memorandum for a number of shares not less than his qualification, if any;

(ii)

taken from the company and paid or agreed to pay for his qualification share, if any;

(iii)

signed and delivered to the Registrar for registration an undertaking in writing to take from

148 CAP. 39

Companies the company and pay for his qualification shares, if any; or

(iv)

made and delivered to the Registrar for registration a statutory declaration to the effect that a number of shares, not less than his qualification, if any, are registered in his name.

(2)

Where a person has signed and delivered as aforesaid an undertaking to take and pay for his qualification shares, he shall, as regards those shares, be in the same position as if he had signed the memorandum for that number of shares.

(3)

On the application for registration of the memorandum and articles of a company, the applicant shall deliver to the Registrar a list of the persons who have consented to be directors of the company and, if this list contains the name of any person who has not so consented, the applicant is liable to a fine of $2,000.

(4)

This section does not apply to -

(a)

a company not having a share capital;

(b)

a private company;

(c)

a company which was a private company before becoming a public company; or

(d)

a prospectus issued by or on behalf of a company after the expiration of one year from the date on which the company was entitled to commence business.