Chapter 2: Formation, Administration and Dissolution of Companies
Part F: Governance of companies

s67: First director or directors

  • (1) Each incorporator of a company is a first director of the company, and serves until sufficient other directors to satisfy the minimum requirements of this Act, or the company's Memorandum of Incorporation, have been:
    • (a) first appointed, as contemplated in section 66(4)(a)(i); or
      • (b) first elected in accordance with section 68 or the company;s Memorandum of Incorporation.
      • (2) If the number of incorporators of a company, together with any ex officio directors, or directors to be appointed as contemplated in section 66(4)(a)(i), is fewer than the minimum number of directors required for that company in terms of this Act or the company;s Memorandum of Incorporation, the board must call a shareholders meeting within 40 business days after incorporation of the company for the purpose of electing sufficient directors to fill all vacancies on the board at the time of the election.

        Related Sections

        s66: Board, directors and prescribed officers
        s68: Election of directors of profit companies

        Related Regulations

        No related regulations.

        Related Notes

        No related note.

        Related Forms

        No related forms.