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No. 58 of 1911.
COMPANIES.
Validity of
within 2 months after his appointment, or such shorter time as may be fixed by the regulations of the company.
(2) 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 regulations of the company, obtain his qualification, or if after the expiration of such period or shorter time he ceases at any time to hold his qualification; and a person vacating office under this section shall be incapable of being re-appointed director of the company until he has obtained his qualification.
(3) If after the expiration of the said period or shorter time any unqualified person acts as a director of the company, he shall be liable to a fine not exceeding 50 dollars for every day between the expiration of the said period or shorter time and the last day on which it is proved that he acted as a director.
75. The acts of a director shall be valid notwithstanding any defect that may afterwards be discovered in his appointment or qualification.
8 Edw. 7 c. 69 s. 74.
List of directors to be sent to registrar. ib. s. 75.
Duties of directors as to accounts.
76.—(1) Every company shall keep at its registered office a register containing the names and addresses and the occupations of its directors, and send to the Registrar of Companies a copy thereof, and from time to time notify to the Registrar any change among its directors.
(2) If default is made in compliance with this section, the company shall be liable to a fine not exceeding 50 dollars for every day during which the default continues; and every director of the company who knowingly and wilfully authorises or permits the default shall be liable to the like penalty.
Duties of Directors as to Accounts.
77.—(1) The directors shall cause true accounts to be kept—
(a) of the sums of money received and expended by the company and the matter in respect of which such receipt and expenditure takes place; and
(b) of the assets and liabilities of the company.
(2) The books of account shall be kept at the registered office of the company, or at such other place as the directors think fit, and shall always be open to the inspection of the directors.
* As amended by No. 50 of 1911, No. 17 of 1912, No. 43 of 1912 and No. 43 of 1912 Supp. Sched.