(1) A director of a company ceases to hold office when he or she—
(a) dies or resigns;
(b) is removed in accordance with section 73; or
(c) becomes disqualified under section 66 or 67.
(2) The resignation of a director of a company becomes effective at the time his or her written resignation is sent to the company or at the time specified in the resignation, whichever is later.