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.