Section 124. 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 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.
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