Managing Director.

99. The Directors may from time to time appoint one of [unclear: their] body to be Managing Director of the Company, either for a fixed term or without any limitation as to the period for which he is to hold such office, and may subject to any contract between him and the Company from time to time remove or dismiss him from office and appoint another in his place.

100. A Managing Director shall not, while he continues [unclear: to] hold that office, be subject to retire by rotation, and he shall not be taken into account in determining the rotation or retirement of Directors, but (subject to the provisions of any contract between him and the Company) he shall be subject to the same provision as to resignation and removal as the other Directors of the Company, and if he cease to hold the office of Director from any cause, shall ipso facto and immediately cease to be a Managing Director.

101. The remuneration of a Managing Director shall [unclear: from] sime to time be fixed by the Directors, and may be by way [unclear: of] salary or commission or participation in profits, or by any or [unclear: all] of those modes, and either in addition to or substitution for any remuneration to which he may be entitled as a Director.

102. The Directors may from time to time entrust to [unclear: and] confer upon a Managing Director for the time being such of the powers exercisable under these presents by the Directors as [unclear: they] may think fit, and may confer such powers for such time, and [unclear: to] be exercised for such objects and purposes and upon such [unclear: term] and conditions and with such restrictions as they think [unclear: expedited] and may from time to time revoke, withdraw, alter or vary all [unclear: of] any of such powers.