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The Pamphlet Collection of Sir Robert Stout: Volume 88

Disqualification of Directors

Disqualification of Directors.

60. The office of Director shall be vacated—

Disqualification of Directors certain cases.

  • If he shall hold less than two hundred and fifty shares in the Company.page 28
  • If he holds any other office or place of profit under the Company.
  • If he becomes bankrupt or insolvent, or of unsound mind.
  • If he is concerned in or participates in the profits of any contract with the Company.
  • If he participates in the profits of any work done for the Company.
  • If he shall be continuously absent from meetings of the Directors during three consecutive months without the special leave of the Directors, to be recorded in their minute book.

But the above rules shall be subject to the following exceptions:—That no Director shall vacate his office by reason of his being a shareholder in any incorporated Company which has entered into contracts with, or done any work for the Company of which he is a Director; nevertheless he shall not vote in respect of such contract or work, and if he does so vote his vote shall not be counted.

Directors may act during vacancy in Board.

61. The continuing Directors may act notwithstanding any vacancy in their body.