hi everyone..
can someone please tell me if articles prescribe time limit of 3 months to obtain qualification shares, then what is the time limit as per sec. 270
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Qualification shares
Replies (4)
As per section 270 of the companies act, the qualification shares must be held within 2 months. This time limit of 2months is absolute. Even when articles has prescribed 3months period, it should be obtained within 2months as provision of article is void.
Articles cant override the law. Articles willbe void if it prescribed 3 months for taking up qualification shares.
Sec. 283 specifies.. if a director with in 2 months from his Appointment, did't take Qualification shares.. he has to VAccate his OFFIce..
so indirectly the period is absolute.. of 2 months..
as per sec 270 the requirement is to abtain shares within 2 months and the provision is absolute no up or down can be made otherwise article will be void. this is only in case of public co. not in case of private co., in case of private co. time limit can be fixed by articles.
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