S.L. 234.42 Art. 56Disqualification for appointment as director. Cap. 386.

(1) A person shall not be qualified for appointment or to hold office as director of a company if -

(a) he is interdicted or incapacitated or is an undischarged bankrupt;

(b) he has been convicted of any of the crimes affecting public trust or of theft or of fraud or of knowingly receiving property obtained by theft or fraud;

(c) he is a minor who has not been emancipated to trade;

(d) he is subject to a disqualification order under article 320 of the Companies Act or equivalent legislation overseas.

(2) Notwithstanding the provisions of these regulations or of the memorandum and articles of a company relating to the formalities of the appointment of a director or other officer and to his qualification, any irregularity concerning the appointment of a director or other officer of a company raised after the completion of the publication of his appointment shall not be relied upon by the company as against third parties unless the company proves that such parties were aware of the irregularity at the relevant time.

(3) Third parties who were not aware of the irregularities referred to in subregulation (2) at the relevant time may rely on that irregularity as against the company.