Financial Intermediaries Act 1996
sec.102Election or appointment of directors
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sec.102 Election or appointment of directors
Subject to this Act, the directors of a society are elected or appointed, hold and vacate office, and retire or are removed from office, as prescribed by the society’s rules. A director holds office for a term (not longer than 3 years) prescribed by the society’s rules. Despite subsection (2) , for a director elected at an annual general meeting of a society, the society’s rules may specify a term of office ending at the end of the third annual general meeting of the society happening after the election. A director is eligible for re-election or reappointment at the end of the director’s term. The directors must be elected— at the society’s annual general meeting; or in another way prescribed by the society’s rules. (sec.102-ssec.1) Subject to this Act, the directors of a society are elected or appointed, hold and vacate office, and retire or are removed from office, as prescribed by the society’s rules. (sec.102-ssec.2) A director holds office for a term (not longer than 3 years) prescribed by the society’s rules. (sec.102-ssec.3) Despite subsection (2) , for a director elected at an annual general meeting of a society, the society’s rules may specify a term of office ending at the end of the third annual general meeting of the society happening after the election. (sec.102-ssec.4) A director is eligible for re-election or reappointment at the end of the director’s term. (sec.102-ssec.5) The directors must be elected— at the society’s annual general meeting; or in another way prescribed by the society’s rules.
- (a) at the society’s annual general meeting; or
- (b) in another way prescribed by the society’s rules.