193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 61

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(b) either-

(i) signed the memorandum for a number of shares not less than his qualification, if

any; or

(ii) taken from the company and paid cr 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- dum for that number of shares.

(3) 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 Qualifica- imposed by the last foregoing section, it shall be the tion of duty of every director who is by the articles of the director or company required to hold a specified share qualifica manager. tion, and who is not already qualified, to obtain his 19 & 20 Geo.

5, c. 23, qualification within two months after his appointment, s. 141. or such shorter time as may be fixed by the articles.

(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 apecified 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 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

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