First director or directors

(1) Each incorporator of a company is a first director of the company, and serves until sufficient other directors to satisfy the minimum requirements of this Act, or the company’s Memorandum of Incorporation, have been— 

• (a) first appointed, as contemplated in section 66(4)(a)(i); or 
• (b) first elected in accordance with section 68 or the company’s Memorandum of Incorporation. 

(2) If the number of incorporators of a company, together with any ex offıcio directors, or directors to be appointed as contemplated in section 66(4)(a)(i), is fewer than the minimum number of directors required for that company in terms of this Act or the company’s Memorandum of Incorporation, the board must call a shareholders meeting within 40 business days after incorporation of the company for the purpose of electing sufficient directors to fill all vacancies on the board at the time of the election.