Section 151 — Companies Act 1993: Qualifications of directors

151 Qualifications of directors (1) A natural person who is not disqualified by subsection (2) of this section may be appointed as a director of a company. (2) The following persons are disqualified from being appointed or holding office as a director of a company: (a) A person who is under 18 years of age: (b) A person who is an undischarged bankrupt: (ba) A person who would, but for the repeal of section 188A or section 189 or section 189A of the Companies Act 1955, be prohibited from being a director or promoter of, or being concerned or taking part in the management of, a company within the meaning of that Act: (c) A person who is prohibited from being a director or promoter of or being concerned or taking part in the management of a company under section 199K or section 199L of the Companies Act 1955 or who would be so prohibited but for the repeal of that Act: (d) A person who is prohibited from being an officer or promoter of or being concerned or taking part in the management of a company under section 199N of the Companies Act 1955 or who would be so prohibited but for the repeal of that Act: (e) A person who is prohibited from being a director or promoter of or being concerned or taking part in the management of a company under section 382 or section 383 or section 385 of this Act: (ea) a person who is prohibited from being a director or promoter of, or being concerned or taking part in the management of, an incorporated or unincorporated body under the Securities Act 1978 or the Securities Markets Act 1988 or the Takeovers Act 1993 : (eb) a person who is prohibited from 1 or more of the following under an order made, or a notice given, under a law of a prescribed country, State, or territory outside New Zealand: (i) being a director of an overseas company: (ii) being a promoter of an overseas company: (iii) being concerned or taking part in the management of an overseas company: (f) A person who is subject to a property order made under section 30 or section 31 of the Protection of Personal and Property Rights Act 1988 : (g) In relation to any particular company, a person who does not comply with any qualifications for directors contained in the constitution of that company. (3) A person that is not a natural person cannot be a director of a company. (4) A person who is disqualified from being a director but who acts as a director is a director for the purposes of a provision of this Act that imposes a duty or an obligation on a director of a company. Subsection (2)(ba) was inserted, as from 1 July 1994, by section 18 Companies Act 1993 Amendment Act 1994 (1994 No 6). Subsection (2)(ea) was inserted, as from 25 October 2006, by section 25 Securities Amendment Act 2006 (2006 No 46). Subsection (2)(eb) was inserted, as from 18 June 2007, by section 5(1) Companies Amendment Act (No 2) 2006 (2006 No 62). See clause 2(1) Companies Amendment Act (No 2) 2006 Commencement Order 2007 (SR 2007/108). See section 5(2) of that Act relating to, immediately before the commencement of this amendment, a person who is a director of a company and is subject to an order or notice of a kind referred to in the new paragraph (eb).