Companies Act 2014: Director Qualification

director qualification

Qualification for appointment as a director

Under the Companies Act 2014 due to be commenced on 1st June 2015, for the first time, an age requirement has been introduced for the appointment either as director or secretary of an Irish company. From the date of commencement of the Act, a director of a company cannot be: 1. under eighteen years of age. Any appointment of a minor as a director will be void. Any minors already serving as a director will cease to have the power to act. 2. a body corporate. 3. an undischarged bankrupt . 4. a director of more than 25 companies unless those other companies are exempted, eg’s PLC’s, group companies where all are counted as one, Form B67 companies etc 5. disqualified to serve as a director With regard to any disqualifications received in other jurisdictions, directors of Irish companies need to be aware of the following: 1. A Form B74 is required to be completed by any person being appointed as director of an Irish registered company where that person is currently disqualified in a foreign jurisdiction from acting as a director or secretary of a body corporate or an undertaking. The B74 sets out the jurisdiction in which the individual is so disqualified, the date on which he/she became so disqualified and the period for which he/she is so disqualified. If a person whose appointment as director is notified to the CRO on form B10 is currently disqualified abroad, that person is required to ensure that the B10 is accompanied by a properly completed B74 signed by him/her on its delivery to the CRO. 2. A Form B74a is required to be completed where a person already appointed as a director of an Irish registered company becomes disqualified in a foreign jurisdiction after the notice of appointment. This notice should be filed within 15 days of the disqualification. Under the new Act however, this also applies to all Irish companies on the register and a director who currently stands appointed and who has become disqualified since their appointment, should notify the CRO within 3 months of the date of commencement of the Companies Act 2014.

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