55Dismissal of director after inquiry in certain cases

55 Dismissal of director after inquiry 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;

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

S. 55(1)(c) inserted by No. 6618 s. 5.

(c) every society which has obtained a loan pursuant to any agreement made (whether before or after the commencement of this Act) between the Commonwealth and the State of Victoria.

S. 55(2) amended by No. 8339 s. 2(1)(Sch. 2 item 2(iii)).

(2) The Minister may appoint a person to hold an inquiry and to report to him with respect to—

(a) any matter relating to the carrying out of the provisions of this Act conferring powers or imposing duties on a society to which this section applies; or

(b) any act or omission of any director or officer of a society to which this section applies, where such act or omission relates to the carrying out of the provisions of this Act conferring powers or imposing duties on the society or to the office or position held by the director or officer or to the powers or duties of that office or position.

S. 55(3) amended by Nos 69/2009 s. 54(Sch. Pt 2 item 12), 67/2014 s. 147(Sch. 2 item 10.1).

(3) For the purposes of any such inquiry the person holding the inquiry shall have the powers and authorities conferred on a sole commissioner by sections seventeen to twenty of the Evidence (Miscellaneous Provisions) Act 1958, as in force immediately before their repeal, and the provisions of the said Act and of any other Act or law relating to inquiries under the said sections shall, so far as applicable and with such adaptations as are necessary, extend and apply to and with respect to inquiries under this section.

S. 55(4) amended by No. 8339 s. 2(1)(Sch. 2 item 2(iv)).

(4) The Minister may, after consideration of the report of the person holding an inquiry under this section, direct that the office or position in a society of the director or officer to whom the report relates shall be vacated, and that such director shall not be eligible to hold office as a director of that society, or (as the case may require) that such officer shall not be eligible for appointment or employment as an officer of that society.

S. 55(5) amended by No. 8339 s. 2(1)(Sch. 2 item 2(v)).

(5) The office or position shall be deemed to have become vacant as from the date upon which notices of the direction of the Minister, addressed to the director or officer to whom the same relate and to the society of which he is a director or an officer, and signed by or on behalf of the Minister, are delivered at or posted to the registered office of the society.