COMPANIES ACT. 1029 
75 
68. The directors may from time to time appoint one or more 
of their body to the office of managing director or manager for such 
term and at such remuneration (whether by way of salary, or 
commission, or participation in profits, or partly in one way and 
partly in another) as they may think fit, and a director so appointed 
shall not, while holding that office, be subject to retirement by 
rotation, or taken into account in determining the rotation or 
retirement of directors; but his appointment shall be subject to 
determination ipso facto if he ceases from any cause to be a director, 
or if the company in general meeting resolve that his tenure of the 
office of managing director or manager be determined. 
69. The amount for the time being remaining undischarged of 
moneys borrowed or raised by the directors for the purposes of the 
company (otherwise than by the issue of share capital) shall not at 
any time exceed the issued share capital of the company without 
the sanction of the company in general meeting. 
70. The directors shall cause minutes to be made in books provided 
for the purpose— 
(a) Of all appointments of officers made by the directors; 
() Of the names of the directors present at each meeting of 
the directors and of any committee of the directors; 
Of all resolutions and proceedings at all meetings of the 
company, and of the directors. and of committees of 
directors: 
and every director present at any meeting of directors or committee 
of directors shall sign his name in a book to be kept for that purpose. 
The Seal. 
71. The seal of the company shall not be affixed to any instru- 
ment except by the authority of a resolution of the board of directors, 
and in the presence of a director and of the secretary or such other 
person as the directors may appoint for the purpose; and that director 
and the secretary or other person as aforesaid shall sign every 
instrument to which the seal of the companv is so affixed in their 
presence 
Disqualification of Directors. 
72. The office of director shall be vacated, if the director— 
(a) ceases to be a director by virtue of section 141 of the Act; or 
(b) without the consent of the company in general meeting 
holds any other office of profit under the company except 
that of managing director or manager; or 
becomes bankrupt; or 
becomes prohibited from being a director by reason of 
any order made under sections 217 or 275 of the Act; or 
1s found lunatic or becomes of unsound mind: or