(1) At the time of sending articles of incorporation of a company to the Registrar, the incorporators shall send him or her, in the prescribed form, a notice of the names of the directors of the company and a consent to act as director by each of the named directors; and the Registrar shall file the notice. (Substituted by Act 13 of 2015)
(2) Each director named in the notice referred to in subsection (1) holds office as a director of the company from the issue of the certificate of incorporation of the company until the first meeting of the shareholders of the company.
(3) Subject to section 71(b), the shareholders of a company, shall by ordinary resolution at the first meeting of the company and at each following annual meeting at which an election of directors is required, elect directors to hold office for a term expiring not later than the close of the third annual meeting of the shareholders of the company following the election.
(4) It is not necessary that all the directors of a company elected at a meeting of shareholders hold office for the same term.
(5) A director who is not elected for an expressly stated term ceases to hold office at the close of the first annual meeting of shareholders following his or her election.
(6) Despite subsections (2), (3) and (5), if directors are not elected at a meeting of shareholders, the incumbent directors continue in office until their successors are elected.
(7) If a meeting of shareholders fails, by reason of the disqualification, incapacity or death of any candidates, to elect the number or the minimum number of directors required by the articles of the company, the directors elected at that meeting may exercise all the powers of the directors as if the number of directors so elected constituted a quorum.
(8) The articles of a company or a unanimous shareholder agreement may, for terms expiring not later than the close of the third annual meeting of the shareholders following the election, provide for the election or appointment of directors by the creditors or employees of the company or by any classes of these creditors or employees.