Right of persons other than retiring directors to stand for directorship.

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....etiring directors to stand for directorship. 160. (1) A person who is not a retiring director shall, subject to the provisions of this Act, be eligible for appointment to the office of a director at....

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.... or such higher amount as may be prescribed which shall be refunded to such person or, as the case may be, to the member, if the person proposed gets elected as a director or gets more than twenty-fiv....