https://www.taxtmi.com/caselaws?id=97064 A company may prescribe additional reasonable qualifications for directors by resolution or articles unless the requirement is prohibited by the Companies Act or inconsistent with the memorandum. Share qualification provisions were not treated as exhaustive, and shareholders were competent to impose further conditions suited to the company's business. A fixed-deposit condition for directors was also not regarded as an increase in share capital because the amount remained returnable on cessation of office and did not alter the capital structure. The challenge to the resolution therefore failed, and the requirement was treated as valid and intra vires. en-us Thu, 23 Mar 1950 00:00:00 +0530 Fri, 13 Jan 2012 18:19:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97064 A company may prescribe additional reasonable qualifications for directors by resolution or articles unless the requirement is prohibited by the Companies Act or inconsistent with the memorandum. Share qualification provisions were not treated as exhaustive, and shareholders were competent to impose further conditions suited to the company's business. A fixed-deposit condition for directors was also not regarded as an increase in share capital because the amount remained returnable on cessation of office and did not alter the capital structure. The challenge to the resolution therefore failed, and the requirement was treated as valid and intra vires. Case-Laws Companies Law Thu, 23 Mar 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97064