Minimum number of directors

(1) A local licensee shall have at least five directors, the majority of which shall not be employees of the licensee. (2) In the event that, as a result of a resignation or removal or for any other reason, the number of directors falls below the minimum number referred to in sub-section (1), the vacancy shall be filled by appointment made by the remaining directors within sixty days, in accordance with section 42 (13), but any director so appointed shall hold his post only until the next annual general meeting or the next general meeting of shareholders, whichever comes earlier.