Section 64

A director may be appointed by the company in general meeting or by the board of directors. The first directors of a company shall be appointed by the subscribers to the memorandum and such appointment shall be effective notwithstanding that the company is not registered. The first directors shall hold office until the first general meeting of the company. The directors shall hold office for a period not exceeding five years from the date of their appointment and shall be eligible for reappointment. The directors may resign their office by giving notice in writing to the company. The company shall, at the first general meeting, elect a managing director or whole-time directors, as the case may be, and fix their remuneration. The managing director or whole-time directors shall hold office for a period not exceeding five years from the date of their appointment and shall be eligible for reappointment. The managing director or whole-time directors may resign their office by giving notice in writing to the company.