Section 86 : Board of directors and number of directors

1) The appointment and number of directors of a private company shall be as provided in its articles of association.

2) Every public company shall have a board of directors consisting of a minimum of three and a maximum of eleven directors.

3) In forming the board of directors pursuant to Sub-section (2), at least one independent director, in the case of the number of directors not exceeding seven, and at least two independent directors, in the case of the number of directors exceeding seven, shall be appointed from amongst the persons who have the knowledge as prescribed in the articles of association of the company and gained knowledge and experience in the subject related with the business of the company concerned.

4) Any one director selected by the directors from amongst themselves shall be the Chairperson of the board of directors.