Share qualification requirement: directors must secure required shares within the prescribed post-appointment period to satisfy company articles. Directors required by the articles to hold specified qualification shares must obtain that qualification within the statutory post-appointment period; any article provision requiring qualification before appointment or within a shorter period is void. The nominal value of qualification shares is capped, and if one share's nominal value exceeds that cap the qualification may be satisfied by that single share. A bearer of a share warrant is not deemed the holder of the warranted shares for qualification purposes.
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Provisions expressly mentioned in the judgment/order text.
Share qualification requirement: directors must secure required shares within the prescribed post-appointment period to satisfy company articles.
Directors required by the articles to hold specified qualification shares must obtain that qualification within the statutory post-appointment period; any article provision requiring qualification before appointment or within a shorter period is void. The nominal value of qualification shares is capped, and if one share's nominal value exceeds that cap the qualification may be satisfied by that single share. A bearer of a share warrant is not deemed the holder of the warranted shares for qualification purposes.
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