Appointment of Directors: framework for designation, election, tenure, and co-option in producer companies governance rules Section 378P provides that the memorandum and articles may designate an initial Board of not less than five directors to govern a Producer Company until elected; elections are required within ninety days of registration except for specified transitional cases. Directors' tenure is set in the articles between one and five years, with retiring directors eligible for re-appointment. Directors are ordinarily elected by members at the annual general meeting. The Board may co-opt expert or additional directors not exceeding one-fifth of total directors for periods specified in the articles; expert directors normally lack voting rights in the Chairman's election but may be eligible to serve as Chairman if permitted by the articles.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Appointment of Directors: framework for designation, election, tenure, and co-option in producer companies governance rules
Section 378P provides that the memorandum and articles may designate an initial Board of not less than five directors to govern a Producer Company until elected; elections are required within ninety days of registration except for specified transitional cases. Directors' tenure is set in the articles between one and five years, with retiring directors eligible for re-appointment. Directors are ordinarily elected by members at the annual general meeting. The Board may co-opt expert or additional directors not exceeding one-fifth of total directors for periods specified in the articles; expert directors normally lack voting rights in the Chairman's election but may be eligible to serve as Chairman if permitted by the articles.
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