- 10 Marks
Question
What TWO (2) conditions apply where the regulations of a company require share qualification? (10 marks)
Answer
- Where the Regulations require share qualification, every director must obtain the specified share qualification within two (2) months after his appointment or within such shorter period as may be fixed by the Regulation. If he fails to do so or after the expiration of that period, he ceases to hold his qualification. (5 marks)
- If a company at any time amends its Regulations so as to introduce or increase the requirement of a share qualification, every director holding at the date of such alteration shall have two (2) months thereafter to obtain his qualification and shall not vacate his office unless he fails to do so. (5 marks)
- Tags: Company Law, Company Regulations, Directors, Share Qualification
- Level: Level 1
- Topic: Company directors and other officers
- Series: NOV 2020
- Uploader: Dotse