| 1) |
Any of the following persons shall be disqualified from being appointed or acting as a director of a company or, except for a body corporate, from being concerned or taking part, directly or indirectly, in the management of a company: |
| b) |
a minor or any other person under legal disability, save a married women subject to the marital power of her husband whose written consent to her appointment as a director has, on the form referred to in section 211(1)(a), been lodged with the company; |
| c) |
any person who is the subject of any order under this Act or the repealed Act disqualifying him from being a director; |
| d) |
save under authority of the Court- |
| i) |
an unrehabilitated insolvent; |
| ii) |
any person removed from an office of trust on account of misconduct; |
| iii) |
any person who has at any time been convicted (whether in the Republic or elsewhere) of theft, fraud, forgery or uttering a forged document, perjury, an offence under the Prevention of Corruption Act, 1958 (Act 6 of 1958), the Corruption Act, 1992 (Act No. 94 of 1992), Part 1 to 4, or section 17, 20 or 21 (in so far as it relates to the aforementioned offences) of Chapter 2 of the Prevention and Combating of Corrupt Activities Act, 2004, or any offence involving dishonesty or in connection with the promotion, formation or management of a company, and has been sentenced therefor to imprisonment without the option of a fine or to a fine exceeding one hundred rand. |
| iv) |
any person who has, in terms of an Act of Parliament, been removed from office for not being a fit and proper person to serve as a director or in the management or in any other position of trust of the body in question due to theft, fraud, forgery, uttering a forged document, corruption, whether in terms of the common law or not, or any other act involving dishonesty. |
1A)
| i) |
The Registrar of the Court shall, upon- |
| aa) |
the issue of a sequestration order; |
| bb) |
the issue of an order for the removal of a person from an office of trust on account of misconduct; or |
| cc) |
a conviction for an offence referred to in subsection (1)(d)(iii), |
send a copy of the relevant order or particulars of the conviction, as the case may be, to the Registrar.
| ii) |
The Registrar shall notify each company which has as a director the person to whom the order or conviction relates, of the order or conviction. |
| iii) |
A company notified in terms of subparagraph (ii) shall, within a period of 60 days from notification, inform its shareholders in writing of such notification. |
| b) |
The Registrar shall establish and maintain a register of the orders and convictions contemplated in paragraph (a) and such register shall be open to inspection mutatis mutandis as if it were a register contemplated in section 113. |
| i) |
If a person’s name has been entered on the register contemplated in paragraph (b) because that person was declared insolvent, the Registrar shall remove that person’s name from the register as soon as he or she is rehabilitated. |
| ii) |
The Registrar shall remove a person’s name from the register where a court has granted authority as contemplated in subsection (1)(d). |
| 2) |
Any person disqualified from being appointed or acting as a director of a company and who purports to act as a director or directly or indirectly takes part in or is concerned in the management of any company, or any director or officer of the company in question who knew or who could reasonably be expected to know of the disqualification- |
| a) |
shall be guilty of an offence; |
| b) |
shall be liable, jointly and severally, for all debts incurred by the company for the period during which such person knew or could reasonably be expected to know of the disqualification. |
| 3) |
Nothing in this section shall be construed as preventing a company from providing in its articles for any further disqualifications for the appointment of or the retention of office by any person as a director of such company. |
National Student Financial Aid Scheme Act, 1999
