A=" 
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.