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Paragraph 77

Original text. Later amendments are not shown.

The office of director shall be vacated, if the director—

(a)

ceases to be a director by virtue of section seventy-three of the . Companies (Consolidation) Act, 1908 ; or

(b)

holds any other office of profit under the company except that of managing director or manager ; or

(c)

becomes bankrupt; or

(d)

is found lunatic or becomes of unsound mind ; or

(e)

is concerned or participates in the profits of any contract with the company :

Provided, however, that no director shall vacate his office by reason of his being a member of any company which has entered into contracts with or done any work for the company of which he is director : but a director shall not vote in respect of any such contract or work, and if he does so vote his vote shall not be counted.