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Anyone could be a Shareholder and a Director. There is no express reference in the Cyprus Companies Act, Cap 113 as to these. Cap 113 only puts a restriction as to persons who cannot be Directors by virtue of their criminal record and persons who are bankrupt. Section 179 expressly states that bankrupt persons cannot be Directors of a company unless they get permission from the court. If they do not, they are liable to imprisonment, fine or both. Further, section 180 states that persons who have been previously disqualified from being Directors of a company may not be Directors unless they get leave from the court to do so.
