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COMPANIES CLAUSES CONSOLIDATION ACT 1845 - SECT 88

Rotation of directors.

88. The directors appointed by the special Act, and continued in office as
aforesaid, or the directors elected to supply the places of those retiring as
aforesaid, shall, subject to the provision herein-before contained for
increasing or reducing the number of directors, retire from office at the
times and in the proportions following, the individuals to retire being in
each instance determined by ballot among the directors, unless they shall
otherwise agree; (that is to say,)

At the end of the first year after the first election of directors the
prescribed number, and if no number be prescribed one third of such directors,
to be determined by a ballot among themselves, unless they should otherwise
agree, shall go out of office:

At the end of the second year the prescribed number, and if no number be
prescribed one half of the remaining number of such directors, to be
determined in like manner, shall go out of office:

At the end of the third year the prescribed number, and if no number be
prescribed the remainder of such directors, shall go out of office:

Occasional vacancies.

© 1845 Crown Copyright

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