Clarification on applicability of requirement for resident director.

Residency requirement for company directors: proportionate days apply from commencement; resident director timing set for new incorporations.

Section 149(3) creates a residency requirement for at least one director, with the first year of compliance reckoned from commencement of the provision and the required stay for that initial calendar year calculated on a proportionate basis; transitional appointment timelines for newly incorporated companies vary by incorporation date, requiring early or immediate appointment of a resident director.