424 Ch. 31. No. 1.] Companies.

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 for regis-
{ration a consent in writing to act as such director;
and

(b) cither—

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

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

(ii) 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 qualifi-
cation, 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 posi-
tion as if he had signed the memorandum for that number
of share-

(3) On the application for registration of the memo-
randum and articles of a company the applicant shall
deliver to the Registrar a list of the persons who have
consented to be directors of the company, and, if this list
contains the name of any person who has not so consented,
the applicant shall be liable to a fine of two hundred and
fifty dollars.

(4) This section shall not apply to—

(a2) a company not having a share capital; or

(4): 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.