Restriction on minor and person disqualified under law to make contract to be promoter
(1) A minor who has not attained the age of sixteen years and a person who is not qualified to make the contract under the law shall not be eligible to become the promoter of a company.
Provided, however, that this Section shall not be deemed to prevent a minor or a person who is disqualified under the law to make contract from acquiring the title to the shares of a company subscribed by the promoter, by virtue of succession or operation of law.
(2) Where any minor or any person who is disqualified under the law to make the contract is to purchase or sell any shares or debentures of any company, the father, mother or husband or wife or legally appointed protector or guardian of such person shall do so.
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