Appointment of directors, Business Law and Ethics

Appointment of Directors:

In the absence of other provisions in a company's articles, the directors of the company would be appointed in accordance with the following provisions of Table A.

NFirst Directors

 The names of the first directors shall be decided in writing by the subscribers of the memorandum of association or a majority of them. If there is a deadlock, all the signatories to the memorandum of association shall be the company's first directors.

Subsequent Directors

 The subsequent directors are appointed by the members in general meeting beginning from the first annual general meeting at which all the first directors retire from office and the members are given the first opportunity to elect directors of their own choice. Therefore the retiring directors are however eligible for election under Article 89. At the second annual general meeting one-third of the directors are to retire from office, so the ones to retire being the ones who have been longest in office since their last election. As between persons one who became directors on the same day those to retire shall (unless they otherwise agree among themselves) be decided through lot. One-third of the board shall thereafter retire per annum.

Posted Date: 1/12/2013 4:37:25 AM | Location : United States

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