280
for "fifty pounds"."
Qualifica-
tion of
director or manager.
(b) either
62
―
(i) signed the memorandum for a number
of shares not less than his qualification, if any; or
(ii) taken from the company and paid or agreed to pay for his qualification shares, if any; or
(iii) signed and delivered to the registrar for registration an undertaking in writing to take from 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 quali- fication shares, he shall, as regards those shares, be in the same position as if he had signed the memoran-
tum for that number of shares.
(8) 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 shall be liable to a fine not exceeding five hundred dollars.
(4) This section shall not apply to--
(a) a company not having a share capital; or (b) a private company; or
(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.
140. (1) Without prejudice to the restrictions imposed by the last foregoing section, it shall be the uty of every director who is by the articles of the 19 & 20 Geo, company required to hold a specified share qualifica
tion, 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 articles.
5, c. 23,
s. 141.
(2) For the purpose of any provision in the articles requiring a director or manager to hold a specified share qualification, the bearer of a share warrant shall not be 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 two 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 shail 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
A
C
63
of the company, he shall be liable to a fine not ex- ceeding fifty dollars for every day between the expiration of the said period or shorter time or the day on which be ceased to be qualified, as the case may be, and the last day on which it is proved that he acted ag a director.
281
for "five pounds"
141.1) If any person being an undischarged Frovisions bankrupt acts as director of, or directly or indirectly as to undis takes part in or is concerned in the management of, bankrupts
charged any company except with the leave of the court by acting as which he was adjudged bankrupt, he shall be liable directors. on conviction on indictment to imprisonment for a 19 & 20 Geo. term not exceeding two years, or on summary convic. 5, 23, tion to imprisonment for a term not exceeding six months or to a fine not exceeding five thousand dollars, or to both such imprisonment and fine:
Provided that a person shall not be guilty of an offence under this section by reason that he, being an undischarged bankrupt, has acted as director of. or taken part or been concerned in the management
B. 142.
for five hundred pounds."
of, a company, it at the commencement of this for "on the 3rd August, 1928."
Ordinance he was acting as director of, or taking part
or being concerned in the management of, that company and has continuously so acted, taken part, or been concerned since that date and the bankruptcy was prior to that date.
(2) The leave of the court for the purposes of this section shall not be given unless notice of intention
to apply therefor has been served on the official receiver and it shall be the duty of the official receiver, if he is of opinion that it is contrary to the public interest that any such application should be granted, to attend on the hearing of and oppose the granting of the application.
(3) In this section the expression 'company'' includes an unregistered company and a company incorporated outside the Colony which bas an established place of business within the Colony, and the expression "official receiver" means the official receiver in bankruptcy.
<
"In "England" omitted.
for "Great Britain"
do.
"
Sub-section (4) relating to
142. The acts of a director or manager shall be Validity of Scotland omitted. valid notwithstanding any defect that may
be discovered in his appointment or qualification.
afterwards
acts of directors. 19 & 20 Gen. 5, c. 23, s. 143.
143. (1) Every company shall keep at its regis. Register of tered office & register of its directors or managers directors. containing with respect to each of them the following 5, c. 23, particulars, that is to say-
(a) in the case of an individual, his present christian name and surname, any former christian name or surname, his usual residen- tial address, his nationality, and, if that nationality is not the nationality of origin, his nationality of origin, and his business oc- cupation, if any, or, if he has no business occupation but holds any other directorship or directorships, particulars of that directorship or of some one of those directorships; and (b) in the case of a corporation, its corporate
name and registered or principal office.
(2) The company shall, within the periods respect- ively mentioned in this subsection, send to the regis. trar of companies a return in the prescribed forin con- taining the particulars specified in the said register and a notification in the prescribed form of any change among its directors or in any of the particulars contained in the register.
The period within which the said return is to be sent shall be a period of fourteen days from the appointment of the first directors of the company, and the period within which the said notification of a change is to be sent shall be fourteen days from the happening thereof.
19 & 20 Geo.
s. 144.