The directors regulate the corporate affairs of a public limited company. They are responsible for formulating plans, policies, and strategies.
The office of a director shall be vacated in any of the following events, namely;
(a) if such director shall become prohibited by law from acting as a director, or
(b) if such director shall resign his or her office by notice in writing sent to or deposited at the office or shall tender his or her resignation and the board shall resolve to accept the same, or
(c) if such director becomes bankrupt, has a receiving order made against him or her or makes any arrangement or composition with his or her creditors generally, or
(d) if such director is, or may be, suffering from mental disorder and either:
- is admitted to hospital in pursuance of an application for admission or treatment under the Mental Health Act 1983 or, in Scotland, an application for admission under the Mental Health (Scotland) Act 1960 or, in any other jurisdiction, in pursuance of an application or otherwise under similar legislation, or,
- an order is made in respect of him or her by any competent court or official on the ground that such director is or may be suffering from mental disorder or is otherwise incapable of managing his or her own affairs, or,
(e) if such director shall be absent from meetings of the board for a continuous period of six months without special leave from the board and his or her alternate director (if any) shall not during such period have attended in his or her stead, or,
(f) if such director ceases to be a director on account of age by virtue of Section 293, or,
(g) if such director is removed from office by a resolution of the board in favor of which at least five-sixths of the total number of directors, for the time being, shall have voted.