Qualification shares (sec 270-273 of the Companies Act,1956.)
Share qaulification to be held by the director only if it is specifically required by the A/A.There is no specific requirement in the Act requiring the same.
Qualfication shares must be held with in two months from the date of appointment.
Any provision in the articles prescribing a period shorter than 2 months shall be void.
The nominal amount of qualification must not exceed Rs5000 or the nominal value of one share where it exceeds Rs 5000.
The Act does not specify that a director should obtain only equity shares as qaulification shares. So holding of preference shares is valid.
However, if the Articles require the director to hold a sepcific class of shares, then he should obtain that class of shares only.