https://www.taxtmi.com/caselaws?id=97467 Directors permitted to act temporarily without prescribed qualification shares were not subject to an express or implied contract to acquire those shares merely because the articles required qualification within a specified period. The qualification requirement operated as a time limit, with automatic vacation of office upon non-compliance, rather than a continuing obligation to purchase shares. As no shares were allotted and winding up occurred before conduct could establish a concluded acceptance of an offer to take shares, the directors could not be placed on the list of contributories. Earlier English authorities were distinguishable because they involved express deeming provisions or continued service without qualification. en-us Wed, 20 Mar 1957 00:00:00 +0530 Mon, 16 Jan 2012 17:57:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97467 Directors permitted to act temporarily without prescribed qualification shares were not subject to an express or implied contract to acquire those shares merely because the articles required qualification within a specified period. The qualification requirement operated as a time limit, with automatic vacation of office upon non-compliance, rather than a continuing obligation to purchase shares. As no shares were allotted and winding up occurred before conduct could establish a concluded acceptance of an offer to take shares, the directors could not be placed on the list of contributories. Earlier English authorities were distinguishable because they involved express deeming provisions or continued service without qualification. Case-Laws Companies Law Wed, 20 Mar 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97467