Grass Meal (Production) Act, 1953

The Articles of Association of the Company.

8.—(1) The Articles of Association of the Company shall be in such form consistent with this Act as shall be approved of by the Minister after consultation with the Minister for Finance.

(2) The following provisions shall have effect in relation to the Articles of Association of the Company, that is to say:—

(a) the Articles shall provide that the number of directors of the Company shall not be more than seven including the chairman;

(b) the Articles shall provide that the qualification for being a director shall be the holding of at least one share in the Company;

(c) the Articles shall provide that the chairman and all the other directors shall always be appointed by, and may be removed from office by, the Minister after consultation with the Minister for Finance;

(d) the Articles shall provide that the remuneration of the chairman and the other directors shall be determined by the Minister after consultation with the Minister for Finance;

(e) the Articles shall provide that no person shall be nominated as auditor of the Company without the approval of the Minister given after consultation with the Minister for Finance;

(f) the Articles shall not confer on the Company any power to increase or reduce the capital of the Company or, save in accordance with this Act, to borrow.