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Articles of association of Company.
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7.—The following section is hereby substituted for section 13 of the Principal Act:
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“13. (1) The articles of association of the Company shall be in such form consistent with this Act as shall be approved by the Minister for Agriculture and Fisheries after consultation with the Minister for Finance.
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(2) The following provisions shall apply in respect of the articles of association of the Company:
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(a) the articles shall provide that the number of directors (including the chairman) shall not be less than three or more than seven;
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(b) the articles shall provide that the qualification for a director of the Company shall be the holding of at least one share of the Company;
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(c) the articles shall provide that the chairman and the other directors of the Company shall be appointed by, and may be removed from office by, the Minister for Agriculture and Fisheries, after consultation with the Minister for Finance;
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(d) the articles shall provide that the remuneration of the chairman and of the other directors of the Company shall be determined from time to time by the Minister for Agriculture and Fisheries, with the approval of the Minister for the Public Service;
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(e) the articles shall provide that no person shall be nominated as auditor of the Company without the approval of the Minister for Agriculture and Fisheries given after consultation with the Minister for Finance;
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(f) the articles shall not confer on the Company any power to increase or reduce the capital of the Company or any power to issue debentures or, except in accordance with this Act, to borrow.”
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