Companies Act (Cap. 386), article 137

137. (1) Every public company shall have at least two directors. (2) Every private company shall have at least one director, and where a private company has one director, all references in thi s Act to two or more directors shall be construed as references to su ch one director. (3) The business of a company shall be managed by the directors who may exercise all such powers of the company, including those specified in arti cle 136, as are not by this Ac t or by the memorandum or articles of the company, required to be exercised by the company in general meeting. (4) Notwithstanding anything contained in the memorandum and articles of association relating to the manner in which the representation of the company is to be exercised, anything done by the board of directors of a company which exceeds the limits of their authority or by any director which is beyond his powers, shall be binding on the company unless that act exceeds the powers granted to the board of directors or to a director, as the case may be, by virtue of this Act. (5) Any limitation on the powers o f the board of directors or of any director of the company shall not be relied on as against t hird parties independently of whether that limitation, published or not, arises from the memorandum or ar ticles or from any resolution o f the general meeting or from a decision of the board of director s of the company. (6) Where an act of the company falls outside the company’s objects, the company shall not be bound if it proves that, when the act was done, the third party knew that it was outside the company’s objects or the third party could not in view of the circumstances have been unaware thereof: COMP ANIES [CAP. 386. 91 Provided that the publication of the memorandum and articles of the company shall not in itself be sufficient to pr ove that the third party knew, or could not have been unaware, that the act was outside the company’s objects. (7) If the number of directors of a company is reduced below two any member of the company may at any time after the lapse o f thirty days therefrom, make an a pplication to the court for the court to appoint a director or directors for the company in accordanc e with its memorandum and this without prejudice to the right of the continuing director to fill any vacancy so created in accordanc e with the provisions of article 140(6) within the thirty days sp ecified herein or at any time thereafter for as long as a director is n ot appointed by the court. (8) A person appointed by the court in accordance with the provisions of sub-article (7) sha ll hold office until the next annual general meeting although he sha ll be eligible for re-election. (9) The provisions of sub-article (7) shall furthermore be without prejudice to the provisions of article 140(1) to (5) an d of article 214(2)( b)(ii) and to the right of the company to fill any such vacancy in general meeting. Company secretary. Amended by: IV . 2003.65; XXXI. 2017.79.