Directors
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
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Public Company — Minimum Directors / Maximum Directors?
Minimum Directors: 3; Maximum Directors: 15
Private Company — Minimum Directors / Maximum Directors?
Minimum Directors: 2; Maximum Directors: 15
One Person Company (OPC) — Minimum Directors / Maximum Directors?
Minimum Directors: 1; Maximum Directors: 15
Additional Director — Appointing Authority / Tenure / Source Section?
Appointing Authority: Board (if articles permit); Tenure: Up to next AGM only; Source Section: Sec. 161(1)
Alternate Director — Appointing Authority / Tenure / Source Section?
Appointing Authority: Board (if articles/SH resolution permit); Tenure: Original director's absence ≥ 3 months from India; vacates on his return OR end of original's term, whichever earlier; Source Section: Sec. 161(2)
Casual Vacancy — Appointing Authority / Tenure / Source Section?
Appointing Authority: Board (subject to articles) — applies to public co. & private subsidiary of public co.; Tenure: Only up to the remaining term of the director he replaces; Source Section: Sec. 161(4)
Nominee Director — Appointing Authority / Tenure / Source Section?
Appointing Authority: By institution/agreement; Tenure: As per agreement; Source Section: Sec. 161(3)
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