PRESIDENT AND VICE-PRESIDENT
(1) The Council at its first meeting shall elect two of its members to be respectively the
President and the Vice-President thereof, and so often as the office of the
President or the Vice-President falls vacant, the Council shall choose a person to be the
President or the Vice-President, as the case may be :
Provided that the President of the Council of the dissolved company shall continue to hold
such office after the commencement of this Act, until such time as a President is elected
under the provisions of this sub-section.
(2) The President shall be the Chief Executive Authority of the Council.
(3) The President or the Vice-President shall hold office for a period of one year from
the date on which he is chosen but so as not to extend beyond his term of office as a
member of the Council, and subject to his being a member of the Council at the relevant
time, he shall be eligible for re-election.
(4) On the expiration of the duration of the Council, or of the term of office of the
President thereof, the President shall continue to hold office until such time as a new
President is elected and takes over charge of his duties.
(5) In the event of the occurrence of any vacancy in the office of the President, the
Vice-President shall act as President until the date on which a new President elected in
accordance with the provisions of this section to fill such vacancy enters upon his office
and when the President is unable to discharge his functions owing to absence, illness or
any other cause, the Vice-President shall discharge his functions until the date on which
the President resumes his duties.
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