19. Managing Director

19.1                  General

19.1.1              The Directors may from time to time appoint one or more of their number to the office of managing director for such period and on such terms as they think fit, and, subject to the terms of any agreement entered into in a particular case, may revoke or vary any such appointment.

19.1.2              A Director so appointed shall not, while holding that office, be subject to retirement, but his or her appointment shall automatically terminate if he or she ceases for any cause to be a Director.

19.2                  Remuneration of Managing Director

A managing director shall, subject to the terms of any agreement entered into in a particular case, receive such remuneration as the Directors determine.

19.3                  Powers of Managing Director

19.3.1              The Directors may, upon such terms and conditions and with such restrictions as they think fit, confer upon a managing director any of the powers exercisable by them.

19.3.2              Any powers so conferred may be concurrent with, or be to the exclusion of, the powers of the Directors.

19.3.3              The Directors may at any time revoke or vary any of the powers so conferred on a managing director.

19.3.4              The Directors may delegate the responsibility for the day to day management of the operations of the Company to the managing director.

19.3.5              The managing director will carry out the directions of the Directors and report to the Directors.