DIRECTORS

[f members entitled to not less than one-fourth of the ag- Obligation

sregate number of votes to which all the members of the com- to furnish
pany are entitled make a written demand for the information, statement
the directors must send to all the members within one month of remuners
from the receipt of the demand a statement certified by the ’
auditors showing the aggregate amount of the remuneration or
sther emoluments received in each of the three preceding
financial years of the company by the directors for the time
being, whether as directors or otherwise in connection with the
management of the company. For this purpose any income
tax, super tax, or sur tax paid by the company on behalf of a
director must be added to the amount actually received by
him. Moreover, if any director is also a director of any
subsidiary company of the first-mentioned company, or of
any other company by nomination, direct or indirect of the
first-mentioned company, there must be included also in the
aggregate amount any remuneration or emoluments received
by such director as director of or in connection with the
management of such subsidiary company or other company.
The amount paid to any individual director need not be
stated (s. 148). Moreover, if the company in general meeting
within one month after receipt of the demand resolve that it
be not furnished, the demand will be of no effect [s. 148 (I'
proviso (i)].

The office of director may be vacated by disqualification, Vacation
removal, resignation, or rotation. of Office.

Disqualification depends upon the regulations of the com-
pany; but the majority of companies provide in their regula-

‘ions that a director vacates office when he becomes bankrupt
and though under such a regulation a bankrupt may be
appointed director [Dawson v. African Trading Co. (1898),
1 Ch. 6]; he may not act in that capacity without leave of the
Court (s, 142), or when he becomes lunatic; or without the
consent of a general meeting accepts an office of profit under
the company [Astley v. New Tivoli (1899), 1 Ch. 151]; or fails
to acquire, or ceases to hold, his qualification shares [see s. 141
(3)]; and where the articles so provide, a director automatic-
ally vacates his office on the happening of the event which
disqualifies him, and the board cannot waive the event, though
the disqualification ceases, but the director is eligible for
re-election on its cessation [Bodega Co. (1904), T Ch. 276].
‘Insolvent’ in a disqualification article means commercially
insolvent in the ordinary acceptation of the term [James v
Rockwood Colliery Co. (1912), 28 T.IL.R. 215: London ©
Counties Assets v. Brighton Grand Hall (1915), z K.B. 493;
see, also, Sissons & Co. v. Sissons (1910), 54 SJ 8" An