Section 89, Cap. 287

The Directors may from time to time appoint any one or more of Managingtheir body to be Managing Director or Managing Directors, for such period Directors. and upon such terms as they think fit, and may vest in such Managing Director or Managing Directors such of the powers here by vested in the Directors generally as they may think fit, and such powers may be made exercisable for such period or periods, and upon such conditions and subject to such restrictions, and generally upon such terms as to remuneration and otherwise, Position of Managing Director. Quorum. Venue. Calling Board Meeting. Chairman of the Board. Chairman of committees. Committee meetings. All acts by valid. Minutes. as they may determine. The remuneration of a Managing Director may be made payable by way of salary or commission or participation in profits, or by any or all of those modes or otherwise as may be thought expedient, and it may be made a term of his appointment that he shall receive a pension, gratuity or other benefit on his retirement.