Companies Act · s 140

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140.
Qualification of director or manager
(1) Without prejudice to the restrictions imposed by section 139, it shall be the duty of every director who is by the articles of the company required to hold a specified share qualification and who is not already qualified, to obtain his qualification within 2 months after his appointment or such shorter time as may be fixed by the articles.
(2) For the purposes of any provision in the articles requiring a director or manager to hold a specified share qualification, the bearer of a

Companies
CAP. 39 149
share warrant is not deemed to be the holder of the shares specified in the warrant.
(3) The office of director of a company shall be vacated if the director does not within 2 months from the date of his appointment or within such shorter time as may be fixed by the articles, obtain his qualification, or if after the expiration of the said period or shorter time he ceases at any time to hold his qualification.
(4) A person vacating office under this section shall be incapable of being re-appointed director of the company until he has obtained his qualification.
(5) If, after the expiration of the said period or shorter time, any unqualified person acts as a director of the company, he is liable to a fine of
$50 for every day between the expiration of the said period or shorter time or the day on which he ceased to be qualified, as the case may be, and the last day on which it is proved that he acted as a director.

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s 140Qualification of director or manager

(1)

Without prejudice to the restrictions imposed by section 139, it shall be the duty of every director who is by the articles of the company required to hold a specified share qualification and who is not already qualified, to obtain his qualification within 2 months after his appointment or such shorter time as may be fixed by the articles.

(2)

For the purposes of any provision in the articles requiring a director or manager to hold a specified share qualification, the bearer of a

Companies

CAP. 39 149

share warrant is not deemed to be the holder of the shares specified in the warrant.

(3)

The office of director of a company shall be vacated if the director does not within 2 months from the date of his appointment or within such shorter time as may be fixed by the articles, obtain his qualification, or if after the expiration of the said period or shorter time he ceases at any time to hold his qualification.

(4)

A person vacating office under this section shall be incapable of being re-appointed director of the company until he has obtained his qualification.

(5)

If, after the expiration of the said period or shorter time, any unqualified person acts as a director of the company, he is liable to a fine of

$50 for every day between the expiration of the said period or shorter time or the day on which he ceased to be qualified, as the case may be, and the last day on which it is proved that he acted as a director.