Companies. [Ch. 31. No. 1.

139. (1) Without prejudice to the restrictions imposed by
the last foregoing section, 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 or manager 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 re-appointed 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 of twenty-five dollars
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.

140. (1) If any person being an undischarged bankrupt
acts as director of, or directly or indirectly takes part in or
is concerned in the management of, any company except
with the leave of the Court, he shall be liable on conviction
on indictment to imprisonment for two years, or on summary
conviction to imprisonment for six months or to a fine of
two thousand five hundred dollars, or to both such imprison-
ment and fine:

Provided that a person shall not be guilty of an offence
under this section by reason that he, being an undischarged
bankrupt, has acted as director of, or taken part or been
concerned in the management of a company, if he was at the

commencement of this Ordinance acting as director of, or-

425

Qualification
of director
or manager.

Provisions
as to un-
discharged
bankrupts
acting as
directors.