Friday, June 15, 2012

94. Who can be a Director?

Section 253: Only an individual can be a Director.
That means firms, companies and other institutions cannot become a director of a company. Proviso to section 253 provides that no company shall appoint or reappoint any individual as Director unless he has been allotted a Director Identification Number (DIN) under section 266B

Section 254: Subscribers to Memorandum of Association, who are individuals, shall be deemed to be the Directors until Directors are appointed in accordance with section 255
Section 255 deals with appointment of Directors and proportion of those who are to retire by rotation

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