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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 172

Restrictions on advertisement of director.

172.(1) A person ... shall not be named as a director or proposed director of
a company in a prospectus issued by or on behalf of the company, or as
proposed director of an intended company in a prospectus issued in relation to
that intended company, or in a statement in lieu of prospectus delivered to
the registrar by or on behalf of a company, unless, before ... the publication
of the prospectus or the delivery of the statement in lieu of prospectus, as
the case may be, he has by himself or by his agent authorised in writing

(a)signed and delivered to the registrar of companies for registration a
consent [in the prescribed form] to act as such director; and

(b)either

(i)signed the memorandum for a number of shares not less than his
qualification, if any; or

(ii)taken from the company and paid or agreed to pay for his qualification
shares, if any; or

<(iii)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; or


<(iv)made and delivered to the registrar for registration a statutory declaration to the effect that a number of shares, not less than his qualification, if any, are registered in his name.


(2) Where a person has signed and delivered as aforesaid an undertaking to
take and pay for his qualification shares, he shall, as regards those shares,
be in the same position as if he had signed the memorandum for that number of
shares.

(3) References in this section to the share qualification of a director or
proposed director shall be construed as including only a share qualification
required on appointment or within a period determined by reference to the time
of appointment, and references therein to qualification shares shall be
construed accordingly.

Subs.(4) rep. by 1978 NI 12 art.153(2) sch.7

(5) This section shall not apply to

(a)a company not having a share capital; or

(b)a private company; or

(c)a company which was a private company before becoming a public company; or

(d)a prospectus issued by or on behalf of a company after the expiration of
one year from the date on which the company was entitled to commence business.

© 1960 Crown Copyright

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