Section 10: Managing Director
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
10. Managing Director
(1) The directors may appoint one or more members of the Board to the office of managing director for such period and on such terms as they think fit and,
subject to the terms of any agreement entered into in any particular case, may
revoke that appointment.
(2) Where a managing director ceases to be a director for any reason whatsoever, his appointment shall automatically lapse.
(3) A managing director shall, subject to the terms of any agreement entered into in any particular case, receive such remuneration, whether by way of
salary, commission or participation in profits, as the directors may determine.
(4) The directors may entrust to and confer upon the managing director any
of the powers exercisable by them with such restrictions as they think fit, and
either generally or to the exclusion of their own powers subject to section 131,
and the directors may revoke, alter, or vary, all or any of these powers.