Powers of Directors

51. The business of the Company shall be managed by the Directors, who may exercise all such powers of the Company as are not by the Joint-Stock Companies Act, 1860, or by these articles of association declared to be exercisable by the Company page 11 in general meeting, subject nevertheless to any regulations of the articles of association, to the provisions of the said Act, and to such regulations being not inconsistent with the aforesaid regulations or provisions as may be prescribed by the Company in general meeting; but no regulation made by the Company in general meeting shall invalidate any prior act of the Directors which would have been valid if such regulation had not been made.