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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 173

Share qualifications of directors.

173.(1) Without prejudice to the restrictions imposed by section one hundred
and seventy-two, it shall be the duty of every director who is by the articles
of the company required to hold a specified share qualification, and who is
not already qualified, to obtain his qualification within two months after his
appointment, or such shorter time as may be fixed by the articles.

(2) For the purpose of any provision in the articles requiring a director to
hold a specified share qualification, the bearer of a share warrant shall not
be deemed to be the holder of the shares specified in the warrant.

(3) The office of director of a company shall be vacated if the director does
not within two months from the date of his appointment, or within such shorter
time as may be fixed by the articles, obtain his qualification, or if after
the expiration of the said period or shorter time he ceases at any time to
hold his qualification.

(4) A person vacating office under this section shall be incapable of being
reappointed director of the company until he has obtained his qualification.

(5) If after the expiration of the said period or shorter time any unqualified
person acts as a director of the company, he shall be liable to a fine not
exceeding five pounds for every day between the expiration of the said period
or shorter time or the day on which he ceased to be qualified, as the case may
be, and the last day on which it is proved that he acted as a director.


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© 1960 Crown Copyright

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