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Directors of Company.
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8.—(1) The number of directors of the Company shall be such number not exceeding seven as the Minister may, with the consent of the Minister for Finance, from time to time determine and they shall be appointed by (but only by) the Minister in writing with the consent of the Minister for Finance.
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(2) A director of the Company shall hold office for such term as the Minister may, with the consent of the Minister for Finance, specify in the document of his appointment.
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(3) A director of the Company may be re-appointed a director.
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(4) The Minister may, with the consent of the Minister for Finance, remove a director of the Company from office at any time.
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(5) The remuneration of directors of the Company shall be determined from time to time by the Minister with the consent of the Minister for Finance.
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(6) It shall not be necessary for a director of the Company to hold any shares of the Company.
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(7) (a) Each director of the Company who was appointed pursuant to the agreement shall, upon the commencement of this paragraph, be deemed to have vacated his office as director and shall be re-appointed to such office under and subject to the provisions of this section.
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(b) Paragraph (a) of this subsection shall come into operation on the 1st day of April, 1965.
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(8) The quorum for a meeting of the directors of the Company shall be—
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(a) in case there are seven directors, three,
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(b) in case there are less than seven directors, two.
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