In order to be a director, a person must be at least 18 years old and must not be disqualified from managing a company under the Corporations Act. Individuals are disqualified from managing a company if they are an undischarged bankrupt, insolvent, have been convicted of fraud or insolvency offences or have been charged with an offence punishable by more than 12 months in prison. In Australia companies are required to have a specific number of directors who are ordinarily resident here, the number being one for private companies and two for public companies.