- 5 Marks
Question
The Companies and Allied Matters Act requires limited liability companies to have at least two directors.
Required:
Explain any TWO qualifications that a person must possess to be eligible for appointment as a director of a company. (5 Marks)
Answer
- Legal capacity: The person must not be an infant (below 18 years), and must be mentally stable, i.e., not a lunatic or a person of unsound mind.
- Financial solvency: The person must not be a bankrupt or involved in any arrangement with creditors, ensuring they are financially responsible and not reckless.
- Tags: Company Law, Director Qualifications
- Level: Level 1
- Topic: Company Law
- Series: MAY 2015
- Uploader: Kwame Aikins