Statutory Limitations
A director cannot guarantee a loan.
In a public company a director outside the age limit for appointment is not qualified for
appointment as director unless a resolution upon a special notice has been passed.
In a public company, a director must take and pay for his qualification shares, if any.
A director must not be compensated for loss of office unless particulars are disclosed to the members who must approve of it.
Prohibitions of tax free payments to directors.
Disclosure of interests in contracts made on behalf of the company.