Penalty.272. If, after the expiry of the said period of two months, any person acts as a director of the company when he does not hold the qualification shares referred to in , he shall be punishable with fine which may extend to [five hundred] rupees for every day between such expiry and the last day on which he acted as a director.
Share qualificationTime within which share qualification is to be obtained and maximum amount thereof.270. (1) Without prejudice to the restrictions imposed by , it shall be the duty of every director who is required by the articles of the company to hold a specified share qualification and who is not already qualified in that respect, to obtain his qualification within two months after his appointment as director.(2) Any provision in the articles of the company (whether made before or after the commencement of this Act) shall be void in so far as it requires a person to hold the qualification shares before his appointment as a director or to obtain them within a shorter time than two months after his appointment as such..... To read the full section download the app from Google Play store
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