Section 11(1)(a) in The Shipping Development Fund Committee (Abolition) Act, 1986
(a)if the shipowner is a company as defined in the Companies Act, 1956 (1 of 1956), all persons holding office as directors of the shipowner, and in any other case, all persons holding any office having the powers of superintendence, direction and control immediately before the issue of the notified order, shall be deemed to have vacated their offices as such;