Disqualification of Directors.

61. No person shall be qualified to be elected a director, and any person who may have been elected shall thereupon cease to be a director, if he holds any other office or place of profit under the Company, except that of managing director.

If he becomes bankrupt or insolvent, or of unsound mind. If he is concerned or participates in the profits of any contract with the Company, unless the amount payable by the Company under such contract shall be under £100. If he participates in the profits of any works done for the Company, unless the amount payable by the Company for such works shall be under £100. If he ceases to hold fifty shares at least in the Company. If without the consent of the Board, expressed by resolution duly entered in the minutes, he fails to attend the meetings of the Board for five consecutive times. 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 this Company, nevertheless he shall not vote in respect of such contract or work, and if he does so vote, his vote shall not be counted, and he shall incur a penalty not exceeding £20.

61A. It shall not be lawful for the Board to grant any loan on any terms whatsoever to any director, so long as he shall remain a director.