Vacation of office by directors: lists disqualifications and triggers causing automatic vacation in producer company directorships.

Vacation of office by directors of a Producer Company is triggered by specified disqualifying events including conviction for moral turpitude with imprisonment above a threshold, defaults in repayment of advances or loans to or from the company, failure to file annual accounts and returns for a continuous period, prolonged failure to repay deposits or pay dividends, default in holding elections as required, and failure to call statutory general meetings; these grounds also apply, as far as practicable, to directors of Producer Institutions that are members of a Producer Company.

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