180.
| (1) Without a prejudice to the restrictions imposed by the provisions of section 179, 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) Where any person appointed as director of a company does not, within two months from the date of his appointment, or within a period of such shorter time as may be fixed by the articles, obtains his share qualification, or if after the expiration of such period or such shorter time, as the case may be, ceases at any time to hold such share qualification, he shall be deemed to have vacated office as such director. |
|
| (4) A person vacating office under the provisions of subsection (3) shall not be eligible of being reappointed director of the company until he has obtained his share qualification. |
|
| (5) Where after the expiration of such period or shorter time as is referred to in subsection (3) any person who does not have the necessary share qualification acts as a director of the company, he shall be guilty of an offence and shall be liable to a fine not exceeding two hundred and fifty rupees for every day between the expiration of such period or shorter time or the day on which he ceased to possess the necessary share qualification, as the case may be, and the last day on which it is proved that he acted as a director. |
|
|
Sri Lanka Consolidated Acts