Section 88 : Shares qualification of director

If the articles of association of a company specify any number of shares required to be held by a person for his appointment as director of the company, the person who becomes director shall hold such number of shares. Failing any provision specifying such number of shares, any such person shall hold at least one hundred shares.

Provided, however, that any director who is appointed pursuant to Sub-section (3) of Section 86 and Sub-section (2) of Section 87 shall not be required to hold such shares.