sec.387Revocation of appointment

sec.387 Revocation of appointment

An administrator holds office until the administrator’s appointment is revoked. The Registrar may, by written notice, revoke the appointment of an administrator. When a liquidator of a co-operative is appointed, the appointment of an administrator of the co-operative is automatically revoked. 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. 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. Before revoking the appointment of an administrator of a co-operative, the Registrar must— appoint another administrator; or appoint a liquidator; or 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 appoint directors of the co-operative. Directors elected or appointed under subsection (6) — take office on revocation of the administrator’s appointment; and 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. This section has effect subject to section 390 . (sec.387-ssec.1) An administrator holds office until the administrator’s appointment is revoked. (sec.387-ssec.2) The Registrar may, by written notice, revoke the appointment of an administrator. (sec.387-ssec.3) When a liquidator of a co-operative is appointed, the appointment of an administrator of the co-operative is automatically revoked. (sec.387-ssec.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. (sec.387-ssec.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. (sec.387-ssec.6) Before revoking the appointment of an administrator of a co-operative, the Registrar must— appoint another administrator; or appoint a liquidator; or 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 appoint directors of the co-operative. (sec.387-ssec.7) Directors elected or appointed under subsection (6) — take office on revocation of the administrator’s appointment; and 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. (sec.387-ssec.8) This section has effect subject to section 390 .