387Revocation of appointment

387 Revocation of appointment

387 Revocation of appointment

(1) An administrator holds office until the administrator’s appointment is revoked.

(2) The Registrar may, by written notice, revoke the appointment of an administrator.

(3) When a liquidator of a co-operative is appointed, the appointment of an administrator of the co-operative is automatically revoked.

(4) Immediately on the revocation of an administrator’s appointment, the administrator must prepare and give to the Registrar a report showing how the administration was carried out, and for that purpose an administrator has access to the co-operative’s books.

(5) On giving the report and accounting fully for the administration of the co-operative to the satisfaction of the Registrar, the administrator is released from any further duty to account for the administration of the co-operative other than because of fraud, dishonesty, negligence or wilful failure to comply with this Law.

(6) Before revoking the appointment of an administrator of a co-operative, the Registrar must—

(a) appoint another administrator; or

(b) appoint a liquidator; or

(c) ensure directors of the co-operative have been elected under the rules of the co-operative at a meeting called by the administrator under the rules of the co-operative; or

(d) appoint directors of the co-operative.

(7) Directors elected or appointed under subsection (6)—

(a) take office on revocation of the administrator’s appointment; and

(b) in the case of directors appointed under subsection (6)—hold office until the next annual general meeting of the co-operative after the revocation of the administrator’s appointment.

(8) This section has effect subject to section 390.