Prohibition and Removal of a Director Essay - 1242 Words

PROHIBITION OF DIRECTOR Before explaining about this point, we must know that prohibition provides protection to the public from directors and managers of companies that have an irresponsible, incompetent or irresponsible to make sure that, for the period of the prohibition, the director was not able to take advantage of the limited liability status of the company, or involved in the management of the company. Because of that company act have taken seriously in this action. In addition, there are six prohibition of director that we have to know. First is, purchase own shares or holding the company shares. Second, provide financial assistance for the purchase of own shares or holding company shares. Third is gives loans and securities†¦show more content†¦Second is, the purchase of the shares must made through the Stock Exchanged. Third, the purchase must also made in good faith and in the interest of the company. Second prohibition for the director is provide financial assistance for the purchase of own shares or holding company’s shares. In section 67(1) generally prohibits the company whose shared are being purchased (targeted company) and its subsidiary from granting financial assistance to the purchaser of the targeted company’s shares. The shares can be purchased directly from the company or from a third party. Next the prohibition of directors is gives loans and securities for loans granted to its director and directors of its related companies. For your information, eventhough Company’s article of association may given power to its board of director to lend money, but it may contrary to section 133(1) of companies act 1965 that said â€Å" a company that other than private company shall not make a loan to a director of the company or of a company which by virtue of section 6 is deemed to be related to that company, or enter into any guarantee or provide any security in connection with a loan made to such director by any other person. So, these sections are prohibiting company giving loans or collateral for loans to the directors and also directors that related companies. 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