COMPANIES.
No. 58 of 1911.
2039
ment or
ment of
Appointment, qualification, and duties, &c., of directors, 73.--(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 any prospectus issued by or on behalf of the company, or in any statement in lieu of prospectus filed by or on behalf of a company, unless, before the registration of the articles or the publication of the prospectus, or the filing of the statement in lieu of prospectus, as the case may be, he has by himself or by his agent authorised in writing-
(i) signed and filed with the Registrar of Companies a consent in writing to act as such director; and
(ii) either signed the memorandum for a number of shares not less than his qualification (if any), or signed and filed with the Registrar of Companies a contract in writing to take from the company and pay for his qualification shares (if any).
(2) On the application for registration of the memorandum and articles of a company, the applicant shall deliver to the Registrar of Companies 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 shall be liable to a fine not exceeding five hundred dollars.
(3) This section shall not apply to a private company nor to a prospectus issued by or on behalf of a company after the expiration of one year from the date at which the company is entitled to commence business.
74.--(1) Without prejudice to the restrictions imposed by section 73, it shall be the duty of every director who is by the regulations of the company required to hold a specified share qualification, and who is not already qualified, to obtain his qualification within two 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 two months from the date of his appointment, or within such shorter time as may be fixed by the regulations of the company,
*As amended by Law Rev. Ord., 1924,
c.
*
Qualifications of director. 8 Edw. 7, c. 69, s. 73.
*