47First directors and election of directors (CNL ss173 & 179)

47 First directors and election of directors (CNL ss173 & 179)

47 First directors and election of directors (CNL ss173 & 179)

(1) The first directors are elected by poll at the formation meeting of the co-operative (except as provided by section 173(2)(b) of the Law).

Note—

Under section 173(2)(b) of the Law, the first directors of a transferred co-operative are the directors in office at the date of registration under the Law.

(2) The term of office of the first directors is to be not more than 3 years ending on the day of the third annual general meeting after the formation meeting.

Note—

The rules may require that directors’ terms are of different length to enable rotational retirement.

(3) The term of office of directors elected thereafter, is to commence from the annual general meeting at which they are elected and ends on the day of the third annual general meeting thereafter.

(4) The members of the board are to be elected in the manner specified in this rule.

(5) At an annual general meeting at which a director retires, the vacated office may be filled in the following manner:

(a) At least 6 weeks before an annual general meeting, the board must:

(i) notify all members of the number of directors retiring at the annual general meeting; and

(ii) advise the members of:

(A) their eligibility to nominate as a director; and

(B) the duties and responsibilities of a director; and

(C) the anticipated remuneration (if any); and

(D) the nomination and election procedures.

(b) A notice must also be displayed at the place of business of the co-operative inviting nominations of nominees to serve as directors.

(c) A nomination must:

(i) be signed by 2 or more members; and

(ii) provide details of the qualifications and experience of the person nominated; and

(iii) be accompanied by a notice in writing signed by the nominee consenting to their nomination.