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Articles of association.
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16.—(1) The articles of association of each company shall be in such form consistent with this Act as may be approved of by the Minister with the consent of the Minister for Finance and, where appropriate, the consent of the Minister for the Public Service.
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(2) The articles of association of each company shall provide that—
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(a) the number of directors (including the chairman) shall be at least 12 or such greater number as the Minister with the consent of the Minister for Finance may determine from time to time;
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(b) the chairman and other directors shall be appointed and may be removed from office by the Minister with the consent of the Minister for Finance;
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(c) the remuneration of the chairman and other directors shall be determined by the Minister with the consent of the Minister for the Public Service;
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(d) no person shall be appointed as auditor of the company without the approval of the Minister given with the consent of the Minister for Finance;
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(e) the company shall, in consultation and agreement with recognised trade unions and staff associations, set up machinery for the purposes of negotiations concerned with the pay and conditions of service of its staff;
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(f) the company shall not invest in any other undertaking without the approval of the Minister given with the consent of the Minister for Finance.
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(3) The articles of association of the postal company shall provide that the company shall, in consultation and agreement with recognised unions and associations, set up machinery for the purposes of negotiations concerning the remuneration and other contractual conditions of postmasters.
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