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Section 2 (34) of the Act prescribed that director means a director appointed to the Board of a company. A director is a person appointed to perform the duties and functions of director of a company in accordance with the provisions of the Companies Act, 2013. 2. Board of Directors.
Who may be appointed as a director?
Only an Individual (living person) can be appointed as a Director in a Company. A body corporate or business entity cannot be appointed as a Director in a Company. A company can have a maximum of fifteen Directors it can be increased further by passing a special resolution.
How is a person appointed to the board of directors?
Who appoints directors? Most commonly, directors are appointed by the shareholders at the Annual General Meeting (AGM), or in extreme circumstances, at an Extraordinary General Meeting (EGM). A resolution for the appointment is put to a vote, and passed if a majority of shares are voted in favour.
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15 U.S. Code 77cc - Directors of Corporation; appointment
The control and management of the Corporation shall be vested in a board of six directors, who shall be appointed and hold office in the following manner:
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