C-14 - Railway Act

Section 21 Disposition versions

1977-12-31

21. (1)  The directors appointed at the last election, or those appointed in their stead, in case of vacancy, shall remain in office until the next ensuing election of directors.

(2)  In case of the death, absence or resignation of any of the directors, others may be appointed in their stead by the other directors; but, if such appointment be not made, such death, absence or resignation shall not invalidate the acts of the remaining directors.

(3)  The directors shall, at their first meeting or at some other meeting after the election, elect one of their number as president of the company, who shall always, when present, preside at all meetings of the directors, and shall hold his office until he ceases to be a director, or until another president has been elected in his stead; and they may, in like manner, elect a vice-president, who shall preside in the absence of the president.

(4)  The majority of the directors shall form a quorum for any meeting, and at such meeting the directors may use and exercise all and any of the powers vested in them.

(5)  The acts of a majority of a quorum of the directors, present at any meeting regularly held, shall be deemed the act of the directors.

R. S. 1964, c. 290, s. 21.