Panjawattana Plastic Public Company Limited

Panjawattana Plastic Public Company Limited Annual Report 2012The method for vacating directors from office in the first and second year afterthe Company’s registration is by drawing lots. In the following years, the directorswho are in office the longest shall retire. The retiring directors may be re-electedas the directors for another term.4. Any director desiring to resign shall submit his/her resignation letter to theCompany. The resignation shall take effect on the date of submission.The director who resigned under paragraph one may inform the Registrarunder the law on public company of his/her resignation.5. In the case where the directors retire due to reasons other than a retirement byrotation, the Board may select and propose names of qualified persons nothaving prohibited qualifications according to the law on public company limitedand the securities and exchange law as a replacement at the next Board meeting.Except when the remaining terms of the directors are less than two months, theperson appointed as replacing director may take office for the remaining period ofthe director he replaces.The Board’s resolution under paragraph one must consist of votes made bynot less than three-fourths of the existing directors.6. The annual general meeting of shareholders has the right to terminatedirectorship of any director before his completion of term of service by not lessthan three-fourths votes of the shareholders who attend the meeting in person andhave the rights to vote, and hold total shares of not less than half of the sharesheld by the shareholders who are present at the meeting and have the rights tovote. Independent directorAt least one-third of the members of the Board of Directors shall beindependent directors.42