86. (1) No person shall be elected or appointed a director of a company unless he, or any other company of which he is an officer or director, is a shareholder and, if the by-laws of the company so provide, owning shares of the company absolutely in his own right or in the right of such other company to a required amount and not in arrears in respect of any calls thereon.
(2) Any person holding, as liquidator of a succession, tutor, curator or trustee, shares not in arrears in respect of any call, may be elected or appointed a director and, where another company holds such shares in any of such capacities, any officer of such other company may be elected or appointed a director.
(3) A director elected or appointed under subsection 2 shall not be personally liable under section 96, but the succession or other beneficial owner of the shares held by such director or by the company of which he is an officer, shall be subject to the liabilities imposed upon the directors by the said section.
(4) An undischarged bankrupt shall not be elected or appointed a director, and when any director becomes a bankrupt he shall thereby cease to be a director.