Cap. 168 Art. 122Restrictions on appointment of director.

(1) A person shall not be capable of being appointed director of a company by the memorandum unless, before the registration of the memorandum, he has by himself or by his agent authorised in writing -

(a) signed and delivered to the Registrar for registration consent in writing to act as such director; and

(b) either signed the memorandum for a number of shares not less than his qualification, if any, or 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.

(2) Without prejudice to the aforesaid restrictions, where a director is, by the memorandum or articles of a company, required to hold a specified share qualification, and is not already qualified, he shall vacate his office if he fails to obtain his qualification within two months after his appointment, or such shorter time as may be fixed by the memorandum or articles, or if at any time thereafter he ceases to hold his qualification; and he shall be incapable of being reappointed director of the company until he has obtained his qualification.

(3) For the purposes of any provision in the memorandum or 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.