# Companies (Consolidation) Act 1908, Paragraph 78


At the first ordinary meeting of the company the whole of the directors shall retire from office, and at the ordinary meeting in every subsequent year one-third of the directors for the time being, or, if their number is not three or a multiple of three, then the number nearest to one-third, shall retire from office.

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Source: https://www.legislation.gov.uk/ukpga/Edw7/8/69/schedule/FIRST/paragraph/78 (the official version)
Page: https://openlegislation.uk/companies-consolidation-act-1908/schedule-FIRST/paragraph-78
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.