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Directors

Directors

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Published by shekharmvm

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Categories:Business/Law
Published by: shekharmvm on Jul 24, 2010
Copyright:Attribution Non-commercial

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11/28/2011

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Directors
¶Director· includes any person occupying the positionof director,
A person having control over the direction, conduct,management of the affairs of a company. Any personin accordance with whose directions or instructions,the Board of a company is accustomed to act, isdeemed to be a director of the company.
Only individuals can be directors
Number of directors
E
very public company have at least 3 directors
E
very other company have at least 2 directors.
A public company having-
 
(
a)A paid-up capital of Rs. 5 crore or more;
(
b)One thousand or more small shareholders;shall have at least one director elected by such smallshareholders
Sanction by the central government.
Where theincrease in number does not make the total numberof directors more than 12, no approval of the centralgovernment is Needed.
 
APPOINTM
E
NT OF DIR
EC
 TORS
1. F
irst directors
.
 
(
a)The articles of a company usually name the firstdirectors by their respective names or prescribe themethod of appointing them.
(
b)If the first directors are not named shall bedetermined in writing by the subscribers of thememorandum.
(
c)If the first directors are not appointed in the abovemanner, the subscribers become directors of thecompany.
2
. App
ointment of directors by the com
pa
ny
Directors must be appointed by shareholders ingeneral meeting. In the case of a public company ora subsidiary of a public company, at least 1/3rds of the total number of directors shall be liable to retireby rotation.

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