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The memorandum of incorporation (MOI) determines the minimum number of directors and alternate directors, which, in the case of a private company may not be less than one director. A customized MOI will also set out the eligibility requirements for a director as well as the directors’ term of office. In the case of a standard MOI, the term of office is indefinite and there is no restriction on the number of directors. New directors may be elected by the Board of Directors when there is a vacancy or the company wishes to add directors. Vacancies on the board arise if a director:
- Resigns or dies
- Ceases to hold the office, title or designation in the company that entitles the person to be an ex officio director,
- Becomes incapacitated or disqualified or
- Is removed.
In order to appoint, resign or remove a director, please follow these steps: