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The Pamphlet Collection of Sir Robert Stout: Volume 7
Disqualification of Directors
Disqualification of Directors
52. The office of Director shall be vacated—
- If he holds any other office or place of profit under the Company;
- 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 work done for the Company, except in the case of professional services rendered by the Solicitor:
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 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.