49Appointment of director by Treasurer in certain cases

49 Appointment of director by Treasurer in certain cases

(1) This section shall apply to and in respect of—

(a) every society for the repayment of any loan to which the Treasurer of Victoria has executed a guarantee under this Act; and

(b) every society with which the Treasurer of Victoria has entered into an agreement of indemnity under this Act.

(2) The said Treasurer may, from time to time, by notification published in the Government Gazette, appoint a person to be a director of any society to which this section applies and may by the like notification remove any such director.

(3) The provisions of this Act (other than this section) and of the rules of the society relating to the qualification disqualification remuneration removal from office and term of office of directors and to the vacation of office by directors shall not apply to or in respect of a director appointed under this section.

(4) A director appointed under this section shall hold office as an additional director and shall not be counted in ascertaining the number of directors for the election of whom provision is made in the rules of the society.

(5) Subject to subsection (3) of this section a director appointed under this section shall have all the powers, rights, authorities, functions, privileges, immunities, duties, obligations, and liabilities of a director elected in accordance with the rules of the society.

S. 49(6) amended by No. 46/1998
s. 7(Sch. 1).

(6) A director appointed under this section shall, unless he is an employee in the public service, be paid such fees as are prescribed by the regulations.

S. 49A inserted by No. 36/1990 s. 17.