Article 298 — Appointment of Directors

1/ The first directors may be appointed under the memorandum of association. The appointment shall be submitted to a meeting of subscribers for approval. Where such approval is not given, the meeting shall appoint other directors. 2/ Subsequent directors shall be appointed by a general meeting. 3/ Directors shall be appointed for a term of three years. Unless otherwise provided a contrary stipulation in the memorandum of association, directors are eligible for re-election. 4/ Where more than one director is to be elected, votes shall be cast for each director separately.