153. Age limit for directors Flashcards
- Age limit for directors
[Repealed by Act 36 of 2014]
General overview
[153.01] Act No 36 of 2014 has removed the upper age limit for directors, aligning the legal position between private and public companies. This accords with industry practice where founding directors are often retained in the company for their vast experience, and hence the previous requirement to seek the general meeting’s approval to act as director beyond 70 years old was particularly cumbersome.
No age limit for directors
[153.02] The previous age limit for directors of a public company has been repealed by Act No 36 of 2014.
No age limit in private companies
[153.03] There was nothing in the Act, the memorandum and articles of association of the company, contract or other legal grounds that required the plaintiff to retire as a director at the age of 70 years old. Thus, his removal was not valid
