(1) The first directors of an international business company shall be elected by the subscribers to the memorandum and thereafter, the directors shall be elected by the members for such term as the members may determine, and where permitted by the memorandum or articles of an international business company, the directors may also elect directors for such term as the directors may determine.
(2) A director holds office until his or her successor takes office or until his or her death, resignation or removal.
(3) Subject to any limitations in the memorandum or articles—
(a) a director may be removed from office by a resolution of members or by a resolution of directors; and
(b) a director may resign his or her office by giving written notice of his or her resignation to the company and the resignation has effect from the date the notice is received by the international business company or from such later date as may be specified in the notice.
(4) Subject to any limitations in the memorandum or articles, a vacancy in the board of directors may be filled by a resolution of members or of a majority of the remaining directors.