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Limit on directorships: exceeding the statutory cap triggers mandatory choice or resignation and penal consequences. Establishes that no person may serve as director in more than twenty companies and no more than ten public companies, with private holding or subsidiary companies counted toward the public-company limit; members may set lower limits by special resolution. Persons exceeding the limits before commencement must, within one year, choose companies to retain, resign from others and notify affected companies and the Registrar, with resignations effective on dispatch, and are prohibited from acting beyond the prescribed limits thereafter; contraventions attract monetary fines.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Limit on directorships: exceeding the statutory cap triggers mandatory choice or resignation and penal consequences.</h1> Establishes that no person may serve as director in more than twenty companies and no more than ten public companies, with private holding or subsidiary companies counted toward the public-company limit; members may set lower limits by special resolution. Persons exceeding the limits before commencement must, within one year, choose companies to retain, resign from others and notify affected companies and the Registrar, with resignations effective on dispatch, and are prohibited from acting beyond the prescribed limits thereafter; contraventions attract monetary fines.
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