Financial Intermediaries Act 1996
sec.54Revocation of administrator’s appointment
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sec.54 Revocation of administrator’s appointment
The registrar may revoke an administrator’s appointment. The revocation must happen by written notice. Before revoking an administrator’s appointment, the registrar must— appoint another administrator; or appoint a liquidator; or ensure directors have been elected under the society’s rules at a meeting called by the administrator under the rules; or appoint directors of the society. Directors elected or appointed under subsection (3) — take office on the revocation of the administrator’s appointment; and for directors appointed under subsection (3) (d) —hold office, subject to section 58 , until the end of the society’s next annual general meeting. s 54 amd 1999 No. 27 s 76 sch 1 pt 2 (sec.54-ssec.1) The registrar may revoke an administrator’s appointment. (sec.54-ssec.2) The revocation must happen by written notice. (sec.54-ssec.3) Before revoking an administrator’s appointment, the registrar must— appoint another administrator; or appoint a liquidator; or ensure directors have been elected under the society’s rules at a meeting called by the administrator under the rules; or appoint directors of the society. (sec.54-ssec.4) Directors elected or appointed under subsection (3) — take office on the revocation of the administrator’s appointment; and for directors appointed under subsection (3) (d) —hold office, subject to section 58 , until the end of the society’s next annual general meeting.
- (a) appoint another administrator; or
- (b) appoint a liquidator; or
- (c) ensure directors have been elected under the society’s rules at a meeting called by the administrator under the rules; or
- (d) appoint directors of the society.
- (a) take office on the revocation of the administrator’s appointment; and
- (b) for directors appointed under subsection (3) (d) —hold office, subject to section 58 , until the end of the society’s next annual general meeting.