A person shall not at particular time be a director of more than 25 companies. Certain companies, however, are not reckoned for the purpose of calculating the number of companies of which a person is director. Where a person is a director of two or more companies, one of which is the holding company of the other(s), these are counted as one company.
The following categories of company are not reckoned in the assessment of a person’s number of directorships:
- a public limited company;
- a company in respect of which a certificate under Section 140 Companies Act 2014 is in force (where the company has a real and continuous link with one or more economic activities that are carried on in the state).
In addition, where the company is a company falling within one or more categories of company specified in the table to S.142 Companies Act 2014, the director or the company may deliver to the registrar Form B68 for his/her consideration.
Table to S.142 Companies Act 2014.
- A company that is the holder of a licence under section 9 of the Central Bank Act 1971 or is exempt from the requirement under that Act to hold such a licence.
- A company falling within any provision (in so far as applicable to a private company limited by shares) of Schedule 5 of Companies Act 2014.