SECTION 124 & 125 COMPANIES ACT 1965..QUALIFICATION OF DIRECTOR AND UNDISCHARGED BANKRUPTS ACTING AS DIRECTORS..

SECTION 124 COMPANIES ACT 1965
QUALIFICATION OF DIRECTOR..

1. Without affecting the operation of any of the preceding provisions of this division, every director, who is by the articles required to hold a specified share qualification and who is not already qualified, shall obtain his qualification within two months after his appointment or such shorter period as is fixed by the articles.

2. Unless otherwise provided by the articles the qualification of any director of a company must be held by him solely and not as one of the several joint holders.

3. A director shall vacate his office if he has not within the period referred to in subsection (1) obtained his qualification or if after so obtaining it he ceases at any time to hold his qualification.

Penalty: One thousand ringgit. Default penalty

4. A person vacating office under this section shall be incapable of being reappointed as director until he has obtained his qualification.




SECTION 125 COMPANIES ACT 1965
UNDISCHARGED BANKRUPTS ACTING AS DIRECTORS.

1. Every person who being an undischarged bankrupt act as director of, or directly or indirectly takes part in or is concerned in the management of, any corporation except with the leave of the Court shall be guilty of an offence against this act.

penalty : Imprisonment for five years or one hundred thousand ringgit or both.

2. The court shall not give leave under this section unless notice of intention to apply therefor has been served on the Minister and on the Official Receiver and the Minister and the Official Receiver or either of them may be represented at the hearing of and may oppose the granting of the application.

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