Section 201A(2) of the Corporations Act 2001 specifies that a public company must have at least 3 directors.
Section 250V of the Act states that the requirement for directors to resign immediately before the end of a spill meeting does not apply to a Managing Director, who may “continue to hold office indefinitely without being re-elected to the office”.
Section 250X ensures that the primary requirement of Section 201A(2) is satisfied at the conclusion of the meeting. This allows “those persons who gave the company signed consents to act as directors of the company in anticipation of being appointed”, but were unsuccessful, to be appointed based on the percentage of favourable votes received (even if less than 50%).
Their reappointment requires confirmation at the next AGM.
Meeting Spill of Directors, page-4
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