( ompante. {Ch. 31. No. 1.

ob. The qualification of a director shall be the holding of at le:
share in the company

Powers and duties of directors.

67. 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
Ordinance, or by the. article. required to be exercised by the company
in general meeting, subject, nevertheless, to any regulation of the
article, to the provisions of the 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 dircetors whieh would have been valid if that reentation had not
been made.

6s, Phe directors may from time to time appoint one or more of their
body to the office of managing dircetor or manager for such term and at
such remuneration (whether by way of salary, or commission, or participa-
tion in profits, or partly in one way and partly in another) as they may
think fit, and a director so appointed shall not, while holding that oflice,
be subject to retirement by rotation, or Gaken into account in determining
the rotation or retirement of directors; but his appointment: shall be
subject to determination tpse facto if he ceases from any cise to be
a director, or if the company in general meeting resolve that his tenure
of the office of managing director or manager be determined.

69. The amount for the time being remaining undischarged of moneys
borrowed or raised by the directors for the purposes of the company
(otherwise than by the issue of share capital) shall not at any time exceed
the issued) share capital of the company without the sanction of the
company in general meeting.

70. The direetors shall ci minutes to be made in books provided for
the purpose
(a) of all appointments of officers made by the directors,
(6) of the names of the directors present at each meeting of the
directors and of any comunittee of the directors ;
(c) of all resolutions and proceedings at all meetings of the
company, and of the directors and of committees of directors,
and every director present at any mecting of directors or committee of
directors shall sign his name in a book to be kept for that purpose.

The seal.

71. The seal of the company shall not be affixed to any instrument
except by the authority of a resolution of the board of directors, and in
the presence of a director and of the secretary or such other person as
the directors may appoint for the purpose; and that director and the
secretary or other person as aforesaid shall sign every instrument to which
the seal of the company is so affixed in their presence.

T.--1V, 34

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