Section 54 - Amendment of section 167

Director disqualification causes vacancy across companies except the defaulting company; vacation delayed during pendency of appeals.

Where a director incurs disqualification under subsection (2) of section 164, the director's office becomes vacant in all companies other than the company in default; the proviso to clause (f) of section 167 is substituted to provide that the office shall not be vacated for an initial period from date of conviction or disqualification order, and where an appeal or petition is preferred within that period the non-vacation continues until shortly after disposal of that appeal, with a further extension where an additional appeal is preferred.