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