Pursuant to section 455(1) of the Companies Ordinance, a private company which has only one individual member and that member is the sole director of the company, notwithstanding anything in its articles, may nominate a natural person who has attained the age of 18 years to be the Reserve Director to act in the place of the sole director in the event of his death. However, it is not a mandatory requirement to nominate a Reserve Director. Should a nomination be made, such nomination should be reported to the Companies Registry within 15 days from the date of nomination in a Form ND5 (Notice of Change of Reserve Director (Nomination/Cessation)) ( MS Word/ PDF) .
Last update: 10 Mar 2014
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