Article 49 - Appointment of Directors
(1) An Investment Club shall have at least one director. Where an Investment Club has one director, that director shall exercise the powers of the board of directors.
(2) No person shall be a director who:
a. is an individual under the age of 18 years;
b. is disqualified from being a director in the QFC or in any other place;
c. is an undischarged bankrupt in any country; or
d. is a Body Corporate.
(3) The first directors of an Investment Club shall be those named in the incorporation document and thereafter the directors, subject to the provisions of these Regulations and any other Regulations, shall be appointed and removed and shall hold and vacate office as provided in the articles of association of the Investment Club.
(4) The particulars of each director appointed, removed or who resigns and any change in the particulars of the directors of an Investment Club from time to time, shall be registered with the CRO in the Prescribed Form and no later than 21 days after such change, together with payment of any Prescribed Fee. For each director appointed these particulars shall include his Name, date of birth, Address, nationality, occupation, any directorships held by him or which have been held by him within the last 5 years and shall be accompanied by or include a written declaration signed by the director that he is qualified to act as a director pursuant to these Regulations.
(5) The articles of association of an Investment Club may provide for a director to appoint an alternate to attend meetings in the absence of the director who appointed him and to vote in his place.
|Derived (as from 20th December 2016).|