(1)An election of directors under these rules (other than the first suchelection) shall be held not later than three years from the date ofthe last such election:
Provided that an election for the holding of which the latest dateotherwise permissible under this sub-rule is a date in the year 1943may be postponed to a date not later than the 31st December, 1944.
(2) At every meeting of policy holders held in pursuance ofsub-rule
(1), all the directors elected or appointed under these rulesshall retire, but any director so retiring shall, if he remainseligible under rule 13, be eligible for re-election.
(3) In the event of casual vacancy arising among the directorselected or appointed under these rules, the vacancy shall be filledby appointing the person highest in the list prepared under sub-rule(10) of rule 14, who remains eligible under rule 13 and is willing toact as a director.
(4) Any person in the said list who is not appointed in his turnunder subrule (3), either because he has ceased to be eligible underrule 13 or because of his unwillingness to act shall be removed fromthe list.
(5) In the event of there being no person available forappointment under sub-rule (3), the casual vacancy shall be filled bythe remaining directors (if not less than two in number) elected orappointed under these rules by appointing a person eligible underrule 13, or if such directors (or a majority of them) are unable toagree upon a person to be appointed, the appointment shall be decidedby lot from amongst the persons eligible under rule 13 who have beenconsidered for the appointment by the said remaining directors.
(6) In the event of there being only one or no such remainingdirector, the casual vacancy shall be filled by an election inaccordance with these rules to be held not later than six months fromthe date on which the vacancy occurred, unless the company securesfrom the Central Government within two months from the said date anexemption for that purpose from the provisions of Sec. 48 of the Actunder Cl. (b) of sub-section (3) thereof.
(7) Any person appointed or elected to fill a casual vacancy shallbe subject to retirement at the same time as would have been thedirector in whose place he is appointed or elected.
(8) An election held in pursuance of sub-rule (6) to fill a casualvacancy shall not be reckoned as an election for the purpose ofsub-rule (1).
(9) Nothing in the rule shall be deemed to affect the applicationof Regulations 78 and 79 in Table A of the First Schedule to theIndian Companies Act, 1913 (7 of 1913), to directors elected orappointed otherwise than under these rules.
Licences and Certificates