Financial Intermediaries Act 1996
sec.52Effect of administrator’s appointment
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sec.52 Effect of administrator’s appointment
On the appointment of an administrator of a society— the society’s directors cease to hold office; and all contracts of employment with, or for providing administrative or secretarial services to, the society are terminated; and the administrator may terminate a contract for providing other services to the society. A director of a society may not be appointed or elected while the administrator is in office except in the circumstances mentioned in section 54 (3) . (sec.52-ssec.1) On the appointment of an administrator of a society— the society’s directors cease to hold office; and all contracts of employment with, or for providing administrative or secretarial services to, the society are terminated; and the administrator may terminate a contract for providing other services to the society. (sec.52-ssec.2) A director of a society may not be appointed or elected while the administrator is in office except in the circumstances mentioned in section 54 (3) .
- (a) the society’s directors cease to hold office; and
- (b) all contracts of employment with, or for providing administrative or secretarial services to, the society are terminated; and
- (c) the administrator may terminate a contract for providing other services to the society.