#### 201N Application of Subdivision (1) This Subdivision applies in relation to a public company if its constitution allows its directors to set a limit (a board limit) whose effect is to restrict the number of directors of the company to a number less than the maximum number of directors specified in the constitution. > Note: This Subdivision applies however the constitution or board limit is expressed. (2) If a company’s constitution provides that the maximum number of directors is either a specified number or another number determined by the directors: (a) any number determined by the directors that is lower than the specified number is a board limit; and (b) any lowering by the directors of that lower number is also a board limit. (3) Subsection (2) does not limit, and is not limited by, subsection (1).

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