20 January 2020
......but as between persons who became directors on the same day , those who are to retire shall , in default of and subject to any agreement among themselves , be determined by lot.
My question is that " be determined by lot " applies to
" in default Of "
or " subject to any agreement among themselves "
or both .
My interpretation is this that " be determined by lot " applies to both i.e.
-- in default of any agreement among themselves ,be determined by lot
--- subject to any agreement among themselves , be determined by lot
Because the word used in between " in default of " " subject to " is AND .
Most of the authors / teachers say that
-- "those who are to retire shall , in default of any agreement among themselves. be determined by lots "
---"those who are to retire shall , be determined as per the agreement among themselves '
which in my opinion is not correct
Please interpret the section and express your views on this interpretation
CAclubindia
