Industrial Credit (Amendment) Act, 1983

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Increase in number of directors of Company.

5.—(1) The Schedule to the Principal Act, is hereby amended by the substitution in paragraph 3 of that Schedule of “nine” for “seven”, and the said paragraph, as so amended, is set out in the Table to this subsection.

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3. The Articles of Association of the Company shall specify the number of directors (including the chairman) of the Company and the number so specified shall be nine or five.

(2) The Schedule to the Principal Act is hereby further amended by the substitution in clause (i) of paragraph 4 (a) of “nine” for “seven” and of “five” for “four”, and the said clause, as so amended, is set out in the Table to this subsection.

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(i) in case the number of the directors is nine, five of the said directors shall be nominated by the Minister from time to time as occasion requires,