Status of subscribers as directors ceases once directors are validly appointed under articles or by general meeting. The deeming provision in section 254 applies only until directors are appointed under section 255; subscribers remain directors only until such valid appointments. The qualifier 'in default of and subject to any regulations in the articles' means that where the articles provide for specific individuals to act as directors after incorporation and before formal appointment, the deeming rule in section 254 does not apply.