Amendment status not verified — confirm the current text below against the official source.
(1) Every [public company (other than a public company which has become such by virtue of Section 43A)] [x x x x] shall have at least three directors: [Provided that a public company having,-- (a) a paid-up capital of five crore rupees or more; (b) one thousand or more small shareholders, may have a director elected by such small shareholders in the manner as may be prescribed. Explanation.-- For the purposes of this sub-section "small shareholders" means a shareholder holding shares of nominal value of twenty thousand rupees or less in a public company to which this section applies.] (2) Every [other] company [x x x x] 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".