CORPORATIONS ACT 2001

CHAPTER 2D - OFFICERS AND EMPLOYEES  

PART 2D.3 - APPOINTMENT, REMUNERATION AND CESSATION OF APPOINTMENT OF DIRECTORS  

Division 1 - Appointment of directors  

Subdivision B - Limits on numbers of directors of public companies  

SECTION 201N   APPLICATION OF SUBDIVISION  

201N(1)  
This Subdivision applies in relation to a public company if its constitution allows its directors to set a limit (a board limit ) whose effect is to restrict the number of directors of the company to a number less than the maximum number of directors specified in the constitution.

Note: This Subdivision applies however the constitution or board limit is expressed.

201N(2)  
If a company ' s constitution provides that the maximum number of directors is either a specified number or another number determined by the directors:


(a) any number determined by the directors that is lower than the specified number is a board limit ; and


(b) any lowering by the directors of that lower number is also a board limit .

201N(3)  
Subsection (2) does not limit, and is not limited by, subsection (1).


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