A:D. 1865.]
COMPANIES.
[No. 1.
113
53. Until directors are appointed the subscribers of the memorandum of association shall be deemed to be directors.
54. The future remuneration of the directors, and their remuneration for services performed previously to the first general meeting, shall be determined by the company in general meeting.
Powers of Directors.
55. The business of the company shall be managed by the directors, who may pay all expenses incurred in getting up and registering the company, and may exercise all such powers of the company as are not, by the Companies Ordinance, 1865, or by these regulations, required to be exercised by the company in general meeting, subject, nevertheless, to these regulations, to the provisions of the said Ordinance, and to such regulations, being not inconsistent with the aforesaid regulations or provisions, as may be prescribed by the company in general meeting; but no regulation made by the company in general meeting shall invalidate any prior act of the directors which would have been valid if such regulation had not been made.
56. The continuing directors may act notwithstanding any vacancy in their body.
Disqualification of Directors.
57. The office of director shall be vacated,-
(1.) if he holds any other office or place of profit under the company; or
(2.) if he becomes bankrupt or insolvent; or
(3.) if he is concerned in, or participates in the profits of, any contract with the company:
But the above rules shall be subject to the following exceptions; that no director shall vacate his office by reason of his being a member of any company which has entered into contracts with or done any work for the company of which he is director: nevertheless he shall not vote in respect of such contract or work; and, if he does so vote, his vote shall not be counted.
Rotation of Directors.
58. At the first ordinary meeting after the registration of the company the whole of the directors shall retire from office; and at the first ordinary meeting in every subsequent year one-third of the directors for the time being or, if their number is not a multiple of three, then the number nearest to one-third, shall retire from office.
59. The one-third or other nearest number to retire during the first and second years ensuing the first ordinary meeting of the company shall, unless the directors agree among themselves, be determined by ballot. In every subsequent year the one-third or other nearest number who have been longest in office shall retire.
60. A retiring director shall be re-eligible.
A:D. 1865.]
COMPANIES.
[No. 1.
113
53. Until directors are appointed the subscribers of the memorandum of Provision till association shall be deemed to be directors.
directors are appointed.
54. The future remuneration of the directors, and their remuneration for Remune- services performed previously to the first general meeting, shall be determined ration of by the company in general meeting.
Powers of Directors.
directors.
powers of
directors.
55. The business of the company shall be managed by the directors, who General may pay all expenses incurred in getting up and registering the company, and may exercise all such powers of the company as are not, by the Companies Ordinance, 1865, or by these regulations, required to be exercised by the company in general meeting, subject, nevertheless, to these regulations, to the provisions of the said Ordinance, and to such regulations, being not inconsistent with the aforesaid regulations or provisions, as may be prescribed by the company in general meeting; but no regulation made by the company. in general meeting shall invalidate any prior act of the directors which would have been valid if such regulation had not been made.
56. The continuing directors may act notwithstanding any vacancy in their Vacancies body.
Disqualification of Directors.
57. The office of director shall be vacated,-
(1.) if he holds any other office or place of profit under the company; or (2.) if he becomes bankrupt or insolvent; or
(3.) if he is concerned in, or participates in the profits of, any contract with
the company:
But the above rules shall be subject to the following exceptions; that no director shall vacate his office by reason of his being a member of any com- pany which has entered into contracts with or done any work for the company of which he is director: nevertheless he shall not vote in respect of such contract or work; and, if he does so vote, his vote shall not be counted.
Rotation of Directors.
among directors.
Vacating of office by director
for certain
causes.
58. At the first ordinary meeting after the registration of the company the Retirement whole of the directors shall retire from office; and at the first ordinary meeting of directors. in every subsequent year one-third of the directors for the time being or, if their number is not a multiple of three, then the number nearest to one-third, shall retire from office.
59. The one-third or other nearest number to retire during the first and Order of second years ensuing the first ordinary meeting of the company shall, unless retirement. the directors agree among themselves, be determined by ballot. In every subsequent year the one-third or other nearest number who have been longest
in office shall retire..
60. A retiring director shall be re-eligible.
Re-election.
No comments yet.
Private notes are available after approval.