Place of profit test: directors' guarantee commission or loan interest falls outside the provision when three statutory conditions are unmet.

Whether guarantee commission or interest on loans to directors attracts the prohibition on holding an office or place of profit requires three cumulative conditions: the director must hold an office or place of profit under the company; receive monthly remuneration at or above the statutory threshold; and receive remuneration for services beyond those ordinarily performed by directors. Absent these ingredients, the provision does not apply to guarantee commission or interest on loans.

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