(1) The articles of association of the company shall be in such form consistent with this Act as may be approved of by the Minister with the consent of the Minister for Finance.

(2) Subject to subsection (3), the articles of association of the company shall provide that -

(a) the number of directors (including the chairman) shall be 7, 8 or 9;

(b) the chairman and other directors shall be appointed and may be removed from office by the Minister with the consent of the Minister for Finance;

(c)

(i) subject to subparagraph (ii), each director (including the chairman) shall be appointed for a period of not more than 5 years and shall be eligible for reappointment,

(ii) of the first directors, other than the chairman, 2, who shall be selected by lot at the first meeting of the directors, shall hold office for a period of 1 year, 2, who shall be selected as aforesaid, shall hold office for a period of 2 years, 2, who shall be selected as aforesaid, shall hold office for a period of 3 years and 2, who shall be selected as aforesaid, shall hold office for a period of 4 years;

(d) the directors may act notwithstanding one or more vacancies in their number;