Vacation of office by directors
The office of a director shall become vacant if: -
a. He fails to obtain within the time specified ( 2 months) or at any time thereafter ceases to hold, the share qualification, if any, required of him by the articles of the company
b. He is found to be of unsound mind by a Court of competent jurisdiction
c . He applies to be adjudicated an insolvent
d. He is adjudged an insolvent
e. He is convicted by a Court of any offence involving moral turpitude and is sentenced in respect thereof to imprisonment for not less than six months
f. He fails to pay any call in respect of shares of the company held by him, whether alone or jointly with others, with in six months from the last date fixed for the payment of the call unless the Central Government has, by notification in the Official Gazette removed such disqualification.
g. He absents himself from three consecutive meetings of the Board of directors, or from all meetings of the Board, for a continuous period of three months, whichever is longer, without obtaining leave of absence from the Board
h. He, whether by himself or by any person for his benefit or on his account or any firm in which he is a partner or any private company of which he is a director, accepts a loan, or any guarantee or security for a loan, from the company in contravention of section 295 ( without due authorization of the Central Government )
i. He acts in contravention of section 299 ( failure to disclose interest in any transaction with the company )
j. He becomes disqualified by an order of Court under section 203
k. He is removed by the members by- resolution at a general meeting
l. Having been appointed a director by virtue of his holding any office or other employment in the company, he ceases to hold such office or other employment in the company.
The office of a director shall become vacant if: -
a. He fails to obtain within the time specified ( 2 months) or at any time thereafter ceases to hold, the share qualification, if any, required of him by the articles of the company
b. He is found to be of unsound mind by a Court of competent jurisdiction
c . He applies to be adjudicated an insolvent
d. He is adjudged an insolvent
e. He is convicted by a Court of any offence involving moral turpitude and is sentenced in respect thereof to imprisonment for not less than six months
f. He fails to pay any call in respect of shares of the company held by him, whether alone or jointly with others, with in six months from the last date fixed for the payment of the call unless the Central Government has, by notification in the Official Gazette removed such disqualification.
g. He absents himself from three consecutive meetings of the Board of directors, or from all meetings of the Board, for a continuous period of three months, whichever is longer, without obtaining leave of absence from the Board
h. He, whether by himself or by any person for his benefit or on his account or any firm in which he is a partner or any private company of which he is a director, accepts a loan, or any guarantee or security for a loan, from the company in contravention of section 295 ( without due authorization of the Central Government )
i. He acts in contravention of section 299 ( failure to disclose interest in any transaction with the company )
j. He becomes disqualified by an order of Court under section 203
k. He is removed by the members by- resolution at a general meeting
l. Having been appointed a director by virtue of his holding any office or other employment in the company, he ceases to hold such office or other employment in the company.
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