Section Text
1) Every [public company (other than a public company which has become such by virtue of section 43A))] [***] shall have at least three directors: [Provided that a public company having,-
(a) a paid-up capital of five crore rupees or more;
(b) one thousand or more smalt shareholders, may have a director elected by such smalt shareholders in the manner as may be prescribed
Explanation.-For the purposes of this sub-section, "small shareholders" means a shareholder holding shares of nominal value of twenty thousand rupees or less in a public company to which this section applies.]
(2) Every [other] company [***] shall have at least two directors.
(3) The directors of a company collectively are referred to in this Act as the "Board of directors' or "Board'.