Companies Act · 2021 Revised Edition · Part · Management and Administration Registered Office and Name
140. Qualification of director or manager
Official textFrom Attorney General's Chambers, unchanged
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.
director
"director" includes any person occupying the position of director of a corporation by whatever name called and includes a person in accordance with whose directions or instructions the directors of a Companies corporation are accustomed to act and an alternate or substitute director;
For the purposes of any provision in the articles requiring a director or manager to hold a specified share qualification, the bearer of a
articles
"articles" means the articles of association of a company, as originally framed or as altered by special resolution, including, so far as they apply to the company, the regulations contained in Table A in Schedule 1;
Companies
CAP. 39 149
share warrant is not deemed to be the holder of the shares specified in the warrant.
share
"share" means share in the share capital of a company, and includes stock except where a distinction between stock and shares is expressed or implied;
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.
A person vacating office under this section shall be incapable of being re-appointed director of the company until he has obtained his qualification.
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.
Terms defined in s 2
articles
Defined · s 2"articles" means the articles of association of a company, as originally framed or as altered by special resolution, including, so far as they apply to the company, the regulations contained in Table A in Schedule 1;
director
Defined · s 2"director" includes any person occupying the position of director of a corporation by whatever name called and includes a person in accordance with whose directions or instructions the directors of a Companies corporation are accustomed to act and an alternate or substitute director;
manager
Defined · s 2"manager", in relation to a company, means the principal executive officer of the company for the time being by whatever name called and whether or not he is a director…
share
Defined · s 2"share" means share in the share capital of a company, and includes stock except where a distinction between stock and shares is expressed or implied;
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Restrictions on Sale of Shares and Offers of Shares for Sale
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Prohibition of Partnerships with More Than Twenty Members
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