Article 52 - Appointment of directors
LLC shall have at least one director.
(2) No person shall be a director who:
(A) if an individual, is under the age of 18 years;
(B) is disqualified from being or becoming a director in the
QFC or in any other place;
(C) is an undischarged bankrupt in any country; or
(D) is a
Body Corporate, unless—
Body Corporate is an Authorised Firm; and
LLC is a Collective Investment Fund.
(3) The first directors of an
LLC 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 LLC.
(4) The particulars of each director appointed, removed or who resigns and any change in the particulars of the directors of an
LLC 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, business 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
LLC 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.
|Amended (as from 5th April 2015).
Amended (as from 6th April 2022).