Amendment status not verified — confirm the current text below against the official source.
(1) The ment shall hold Go vernm ent. (2) The Directors deemed to be viso to sub-section (1) of Section 12 an nu al general by the pleasu re State Govern- of th e State elected un de r the Pro- shall retire in the first (3) One third of the elected Directors, or if their nu m be r is n ot a multip le of three, the nu mbe r nearest to one third, shall retire by rotatio n at every annua) general meeting. 8 (4) Th e elected Directors to retire by rotation at every annual general meeting shall be those who have been long est in office since their last election and as between per sons who were elected Directors on the same day, those who are to retire shall, in default of and subject to any agreem ent among themselves , be determined by lot. (5) Th e vacancies in the office of elected Directors due to retirement shall be filled by elections held in an annual general meeting. (6) Casual vacancies in the office of elected Directors due to resignation, death or otherwise, shall be filled within three months from the date of such vacancies arise by election either at an annual general meeting or at a special General meeting, as the case may be, and a Director so elected to fill the casual vacancy shall hold office for the unexpired portion of the term of his predecessor. z (7) No elected Director who resigns or retires or is otherwise removed due to any disqualification shall be elli- gible for re-election as a Director either in the annual general meeting in which he retires, or which follows his resignation or removal or in the next five annual general meetings following such annual general meeting : Provided that nothing in this sub-section shall apply to any person retiring as a Director either after having been elected to fill a casual vacancy for less than two years under sub-section (5) or after being deemed to be elected under the first proviso to sub-section (1) of Section 12 . 1 Disqualifi cations. Vacation and resignation of office by Directors.