(1) Every 1 [public company (other than a public company which has become such by virtue of section 43A)] 2[***] shall have at least three directors:
3[Provided that a public company having,-
(a) a paid-up capital of five crore rupees or more;may have a director elected by such small shareholders in the manner as may be prescribed.
(b) one thousand or more small shareholders,
Explanation.-For the purpose of this sub-section "small shareholders" means a shreholder holding shares of nominal value of twenty thousand rupees or less in a public company to which this section applies.]
(2) Every 4 [other] company 5[***] shall have at least two directors.
(3) The directors of a company collectively are referred to in this Act as the "Board of directors" or "Board".
1. Substituted by Companies (AMENDMENT) Act, 1965 w.e.f. 15-10-1965
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