It is a prerequisite to appoint directors when registering a company in Zimbabwe.
Every company shall have not less than two directors, other than alternate directors, at least one of whom shall be ordinarily resident in Zimbabwe.
Its not everyone who can be a company director. The Companies Act [Chapter 24 : 03] gives us a guideline on how to appoint directors and those individuals that are disqualified to hold the office of company director.
Based on the Companies Act [Chapter 24 : 03], any of the following persons shall be disqualified from being appointed a director of a company:
(a) a body corporate;
(b) a minor or any other person under legal disability:
(c) except with the leave of the court, any person who has at any time been adjudged or otherwise declared insolvent or bankrupt under a law in force in Zimbabwe or any other country, and has not been rehabilitated or discharged;
(d ) save with the leave of the court, any person who has at any time been convicted, whether in Zimbabwe or elsewhere, of theft, fraud, forgery or uttering a forged document or perjury and has been sentenced therefor to serve a term of imprisonment without the option of a fine or to a fine exceeding level five;
(e) any person who is the subject of any order under the Companies Act as [Chapter 24 : 03] disqualifying him as a director;
(f) save with the leave of the court, any person removed by a competent court from an office of trust on account of misconduct.
In some cases, someone can be required to cease to hold the office of a director. This is due to the following reasons
(a ) he has at any time been or is adjudged or otherwise declared insolvent or bankrupt under a law in force
in Zimbabwe or any other country, whether before or after the date of commencement of the General
Laws Amendment (No. 2) Act, 2002; or
(b ) he is convicted, whether in Zimbabwe or elsewhere, of theft, fraud, forgery or uttering a forged document or perjury and has been sentenced therefor to serve a term of imprisonment without the option of a fine or to a fine exceeding level five; or
(c) he is removed by the court from any office of trust on account of misconduct.
If any person who under the Companies Act is disqualified from being or continuing to be a director of any company directly or indirectly takes part in or is concerned in the management of any company he shall be guilty of an offence and liable to a fine not exceeding level ten or to imprisonment for a period not exceeding two years or to both such fine and such imprisonment.
However, in some cases a company may have its own regulations for the company secretary. In that case, the above reasons shall not be be deemed to prevent a company from applying under its regulations any further disqualification for the appointment of, or the retention of office by, a director.
Source: Companies Act [Chapter 24:03]
We this article helped with with knowing the disqualifications for appointment of company director.
If you liked this article, then please consider sharing it with your friends and leaving a comment below.
Also please like us on Facebook to get tons of free information.
Do you also know where to contact us for any enquiries? All our contact details are here.
Please browse through our website.
