Section 13. Vacation of the seat of directors.

(1) If a director-- (a) becomes subject to any disqualification specified in section 12, or (b) is absent without leave of the Board for more than three consecutive meetings thereof, his seat shall thereupon become vacant. 1 [(2) A director may resign his office by giving notice thereof in writing to the authority by which he was nominated; and, on such resignation being accepted, the director shall be deemed to have vacated his office.]