540

Gh. 31. No. 1.| Compante,

Rotation of direc

45. At the trst ordinary general meeting of the company the whole ot
the directors shall retire from office, and at the ordinary general meeting
in every subsequent year one-third of the directors for the time being, or,
if their number is nol three or a multiple of three, then the number
nearest one-third, shall retire from office

36. The directors to retire in every year shall be those who have been
longest, in offee since their last election but as between persons who
became directors on the same day those to retire shall (unless they other

agree among themselves) be determined by lot

\ retiring director shall be eligible for re-election,

38. Phe company at the general meeting at which a director retires m
manner aforesatd may flap the vacated office by electing a person thereta
andin defantt the retiring diteetor shall be deemed to have heen re-elected
unle. at such meeting it is resolved not to fll up such vacated office.

390 Phe company may from time to Cine in general meeting merease 01
reduce the number of directors, and may also determine in what rotation
the increased or reduced number is to go out of office

400 Any costal vacaney occurring in the board of directors may be filled
up by the directors but the person so chosen shall be subject to retirement
af the came time as if he had become a director on the day on which the
director in whose place he appointed was last elected a director.

41 Phe chreetors shall have power at any time, and from time to time
to appoint a person an additional director who shall retire from office
at the next following ordinary general meeting, but shall be eligible for
election by the company at that meeting as an additional direetor

42. The company may by extraordinary resolution remove any director
before the expiration of his period: of offee, and may by an ordinary
resolution appotnt another person in his ste ad. The person so appointed
shall be subject to retirement at the same time as if le had) become
adireeter on the day on whieh the director in whose place he appointed
was List elected a director

Proceedings of director

130 Vhe ditectors cet logether tor the despatel of business,
adjourn, and otherwise regulate their meetings, as they think ft. Questions
arising af any meeting shall be decided by a majority of vote. Tn case

ofan equality of vetes the chairman shall have a second or casting vote
A director ay, and the secretary on the requisition of a director shall,
at any (ime summon a meeting of (he directors.

440 Phe quorum nece. ary fer the transaction of the business of the
directors may be fixed by the directors, and unless so fixed shall, when
the number of directors exteed three, be three and shall, when the number
of directors docs not exceed three be two.

The continuing directors may act notwithstanding any vacaney im
hein 1 body, but, if and so tong as their number is reduced below: the