CORPORATIONS ACT 2001 - SECT 201N Application of Subdivision

CORPORATIONS ACT 2001 - SECT 201N

  (1)   This Subdivision applies in relation to a public company if its constitution allows its directors to set a limit (a board limit ) whose effect is to restrict the number of directors of the company to a number less than the maximum number of directors specified in the constitution.

Note:   This Subdivision applies however the constitution or board limit is expressed.

  (2)   If a company's constitution provides that the maximum number of directors is either a specified number or another number determined by the directors:

  (a)   any number determined by the directors that is lower than the specified number is a board limit ; and

  (b)   any lowering by the directors of that lower number is also a board limit .

  (3)   Subsection   (2) does not limit, and is not limited by, subsection   (1).