Yes. A person must meet the eligibility requirements set out by law to serve as a director of a corporation. A person who ceases to meet these requirements may become ineligible to continue serving as such.
Disqualification may result from a situation expressly provided for by law or, in certain cases, from a court decision. The grounds for disqualification may vary depending on the law under which the company was incorporated.
When a director becomes ineligible during their term, the consequences of this ineligibility on their duties must be determined, and the necessary measures taken in accordance with applicable rules. Depending on the situation, the company may, in particular, have to fill the vacancy on the board of directors, since the ineligible director can no longer perform their duties or sit on the board, and update its corporate records and the information filed with government authorities.
In summary , a director must meet the eligibility requirements while in office. If they become ineligible under applicable law or decision, including a court order, the company must determine the necessary steps to address this situation.