Share holding

YES.. If AOA provide that director is not necessary to hold qualification shares than members can hold shares..

It is possible for that all the shares are held by person other than directors of the company.

Even if directors had subscribed for the shares at the time of incorporation, they are  free to transfer them, provided AOA does not prescribe them to hold qualification shares.

Therefore, it is possible that all shares are held by person other than directors of the company.