Financial Intermediaries Act 1996
sec.4Meaning of director
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sec.4 Meaning of director
For this Act, director of a society includes a reference to— a person (however described) occupying or acting in the position of director of the society, and whether or not validly appointed to occupy, or duly authorised to act in, the position; and a person under whose directions or instructions the society’s directors are accustomed to act. However, a person is not taken to be a person under whose directions or instructions a society’s directors are accustomed to act merely because the directors act on advice given by the person in the proper performance of the functions attaching to— the person’s professional capacity; or the person’s business relationship with the directors or the society. (sec.4-ssec.1) For this Act, director of a society includes a reference to— a person (however described) occupying or acting in the position of director of the society, and whether or not validly appointed to occupy, or duly authorised to act in, the position; and a person under whose directions or instructions the society’s directors are accustomed to act. (sec.4-ssec.2) However, a person is not taken to be a person under whose directions or instructions a society’s directors are accustomed to act merely because the directors act on advice given by the person in the proper performance of the functions attaching to— the person’s professional capacity; or the person’s business relationship with the directors or the society.
- (a) a person (however described) occupying or acting in the position of director of the society, and whether or not validly appointed to occupy, or duly authorised to act in, the position; and
- (b) a person under whose directions or instructions the society’s directors are accustomed to act.
- (a) the person’s professional capacity; or
- (b) the person’s business relationship with the directors or the society.