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The Pamphlet Collection of Sir Robert Stout: Volume 88
Disqualification of Directors
Disqualification of Directors.
47. The office of Director shall be vacated—
- If he holds any other office or place of profit under the Company, excepting that of Managing Director.
- If he becomes bankrupt or insolvent.
- If he is concerned in or participates in the profits of any contract with the Company.
- If he participates in the profits of any works done for the Company.
- If be ceases to hold twenty shares at least in the Company.
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
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has entered into contracts with, or done any work for the Company of which he is 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, and he shall incur a penalty not exceeding twenty pounds.