(1)Every [public company (other than a public company which has become such by virtue of section 43-A)] [* * *] [ The words " and every private company which is a subsidiary of a public company" omitted by Act 65 of 1960, Section 81 (w.e.f. 28.12.1960).] shall have at least three Directors:[Provided that a public company having,-(a)a paid-up capital of five crore rupees or more;(b)one thousand or more small shareholders, may have a Director elected by such small shareholders in the manner as may be prescribed.Explanation .-For the purposes of this sub-section "small shareholders" means a shareholder holding shares of nominal value of twenty thousand rupees or less in a public company to which this section applies.] [ Inserted by Act 53 of 2000, Section 128 (w.e.f. 13.12.2000).](2)Every [other] [ Substituted by Act 31 of 1965, Section 29, for " private" (w.e.f. 15.10.1965).] company [* * *] [ The words " which is not a subsidiary of a public company" omitted by Act 65 of 1960 Section 81 (w.e.f. 28.12.1960).] shall have at least two Directors.(3)The Directors of a company collectively are referred to in this Act as the "Board of Directors" or "Board".
