Part VI: Office Holders in a Company
Chapter 1: Directors’ Appointment and Term of Office
Article A: Term of Office of Director and Termination thereof
219. (a) The number of directors shall be prescribed in the articles of association; however it shall be sufficient for the articles of association to prescribe the maximum and minimum number of directors.
(b) At least one director shall hold office in a private company.
(c) At least two External Directors as provided in section 239 shall hold office in a public company.
Number of directors
220. The initial directors of a company shall be the directors appointed by the founders of the company who have made the declaration provided in section 8; the initial directors shall cease to hold office at the end of the first annual general meeting, unless otherwise provided in the articles of association.
221. A director shall commence his term of office on the date of his appointment or on a later date if the articles of association have a provision permitting an appointment that is to commence in the future.
Commencement of office
222. Directors appointed by the general meeting shall cease to hold office at the end of the first annual general meeting held after the date of their appointment, unless otherwise provided in the articles of association.
Period of office
223. A private company shall report to the Companies Registrar the appointment of a director and of a director’s ceasing to hold office within fourteen days of the date of appointment or of the date of cessation of holding office.
Reporting of changes
224. The company shall keep a register at its registered office of the members of the board of directors and of their substitutes, if substitutes are appointed for them under the provisions of section
237. Such register shall be available for inspection by any person.