Election, term and removal of directors

(1) The first directors of a company incorporated under this Act shall be elected by the subscribers to the Memorandum; and thereafter, the directors shall be elected by the members for such term as the members may determine and where permitted by the Memorandum or Articles of a company incorporated under this Act, the directors may also elect directors for such term as the directors may determine. (2) Each director holds office until his successor takes office or until his earlier death, resignation or removal. (3) Subject to any limitations in the Memorandum or (a) a director may be removed from office by a resolution of members or by a resolution of directors; and (b) a director may resign his office by giving written notice of his resignation to the company and the resignation has effect from the date the notice is received by the company or from such later date as may be specified in the notice. International Business Companies[CAP. 270 51 (4) Subject to any limitations in the Memorandum or Articles, a vacancy in the board of directors may be filled by a resolution of members or of a majority of the remaining