Companies Act 1948

38 The office of director shall be vacated if the director—

(a) without the consent of the company in general meeting holds any other office of profit under the company ; or

(b) becomes bankrupt or makes any arrangement or composition with his creditors generally ; or

(c) becomes prohibited from being a director by reason of any order made under section 188 of the Act; or

(d) becomes of unsound mind ; or

(e) resigns his office by notice in writing to the company ; or

(f) ceases to be a director by virtue of section 185 of the Act;

(g) is directly or indirectly interested in any contract with the company and fails to declare the nature of his interest in manner required by section 199 of the Act.

A director shall not vote in respect of any contract in which he is interested or any matter arising thereout, and if he does so vote his vote shall not be counted.