COMPANIES ACT - 1963 (ACT 179)

    Section - 183 - Directors' Share Qualification

    (1) Unless the company's Regulations otherwise provide, a director need not be a member of the company or hold any shares therein.

    (2) Where the Regulations require a director to hold a specified share qualification, every director shall obtain his qualification within two months after his appointment or such shorter period as may be fixed by the Regulations; and his office shall be vacated if he shall fail to do so, or if at any time after the expiration of that period he ceases to hold his qualification:

    Provided that if the company amends its Regulations so as to introduce or increase the requirement of a share qualification every director holding office at the date of such alteration shall have two months thereafter to obtain his qualification and shall not vacate office under this section unless he fails to do so.

    (3) A person vacating office under this section shall be incapable of being re-appointed a director of the company until he has obtained his qualification.