Section 265

Effect of Court’s order.—On the issue of the Court’s order under section 264 removing from office any director, including chief executive or other officer, such director or other officer shall be deemed to have vacated his office and—

(a) if the Court’s order has removed a director, the casual vacancy in the office of director shall be filled in accordance with the relevant provisions of section 161 of this Act; and

(b) if the Court’s order has removed from office a chief executive, the board shall appoint another person to be the chief executive; and

(c) if the Court’s order has removed from office all the directors including the chief executive, a general meeting of the company shall be called forthwith for electing new directors.