Railways (Miscellaneous) Act, 1932

Reduction of number of directors of the Company.

13.—(1) If the number of directors of the company at the passing of this Act is more than eight, then, notwithstanding anything in the scheme or in Part II of the Second Schedule to the Principal Act, the following provisions shall have effect, that is to say:—

(a) the legal number of directors shall be and, until reduced by the operation of the next following paragraph, continue to be a number equal to the number of directors of the company at the passing of this Act and no greater number; and

(b) until the legal number of directors is by the operation of this paragraph reduced to eight, the legal number of directors shall, whenever and so often as a casual vacancy occurs amongst the directors, be reduced by one and accordingly such casual vacancy shall not be filled;

(c) as on and from the date on which the legal number of directors, is, by the operation of the next foregoing paragraph of this sub-section, reduced to eight, the legal number of directors shall be eight and no greater number.

(2) If the number of directors of the company at the passing of this Act is not more than eight, then, notwithstanding anything in the scheme or in Part II of the Second Schedule to the Principal Act, the legal number of directors shall be eight and no greater number.

(3) Paragraph (5) of section 34 of the scheme shall cease to have effect.