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SECRETARIAL PRACTICE
(iv) made and delivered to the registrar for registration
a statutory declaration to the effect that a number of
shares, not less than his qualification, 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 position as if he had signed
the memorandum for that number of shares.
(3) On the application for registration of the memorandum
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 not exceeding
fifty pounds.
(4) This section shall not apply to—
(a) a company not having a share capital; or
(b) 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.

Qualification of
director or
manager.

141.—(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 quali-
fication 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 appoint-
ment, 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 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.