https://www.taxtmi.com/circulars?id=10742 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. en-us Tue, 19 May 1964 00:00:00 +0530 Thu, 16 Jun 2011 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10742 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. Circulars Companies Law Tue, 19 May 1964 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10742