(1) Every corporation shall have at least two directors. The directors of a corporation collectively are referred to in this Act as the “Board of directors” or “Board”.
(2) No body corporate, association or firm shall be appointed director of a corporation, and only an individual shall be so appointed.
(3) In default of, and subject to, any regulations in, the articles of a corporation, subscribers to the memorandum who are individuals, shall be deemed to be the directors of the corporation until the directors are duly appointed.
(4) Every corporation shall keep at its registered office a register of its directors, containing the name and usual residential address in full, and business or occupation, if any, with respect to each of them.
1959 : XXVI] The Maharashtra Non-Trading Corporation Act 13