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Directors of subsidiaries.
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43.—(1) The number of directors of a subsidiary shall be—
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(a) in case the number of shares in the subsidiary held by or in trust for the Company is 100 per cent of the issued shares in the subsidiary, not more than 6, and
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(b) in any other case, such number as may be determined by the Company with the consent of the Minister.
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(2) The directors of a subsidiary shall be appointed and may be removed from office by the Company with the consent of the Minister.
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(3) A person who holds the office of director of a subsidiary shall be eligible for re-appointment to that office.
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(4) Subject to subsection (2), the directors of a subsidiary shall hold office for such period not exceeding 4 years as may be determined by the Company with the consent of the Minister at the time of their appointment.
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(5) Two of the directors of a subsidiary shall be persons appointed to be directors under the Worker Participation (State Enterprises) Acts, 1977 to 1993, who are willing to accept office, and a person who is appointed to be a director of a subsidiary under this subsection shall hold office as such director for such period as may be determined by the Company with the approval of the Minister at the time of the appointment.
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(6) A director of a subsidiary who is also a director shall, if he or she ceases to be a director, thereupon cease to be a director of the subsidiary.
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