27   Lapsed or void elections

(1)  If an election under this Act does not take place on a day appointed therefor or is afterwards declared void for any reason, the board shall not thereby be deemed to be dissolved or to be disabled from taking any necessary steps for the election of directors in the future.

(2)  In any such case the election shall be held as in the case of an extraordinary vacancy, and every act necessary to be done for completing the election shall be as valid as if the election were held upon the day or within the time originally appointed for that purpose.