Directorship exclusions: specified private, unlimited, non profit and alternate directorships excluded from director count calculations, with transitional exclusion period. Section 278 excludes certain companies from the director count for sections 275-277: a private company not a public company's subsidiary or holding company; an unlimited company; an association not carried on for profit or prohibiting dividends; and companies where the person is only an alternate director. Companies that cease to meet the first three exclusion criteria continue to be treated as excluded for a limited transitional period from the date they stop qualifying.