70Application of amendments to existing directors

70 Application of amendments to existing directors

(1)  In this section –

existing director means –

(a) in relation to a Government Business Enterprise, a director of the Government Business Enterprise on the day on which section 23 of the Amending Act commences; and

(b) in relation to a State-owned Company, a director of the State-owned Company on the day on which the governing document for the State-owned Company is amended as required under the Amending Act;

governing document, in relation to a State-owned Company, means the constitution or articles of the State-owned Company;

terms and conditions, in relation to a director, means the terms and conditions under which that person holds the office of director.

(2)  Any amendment made by the Amending Act, to a relevant Act, that relates to how long a director of a Government Business Enterprise or State-owned Company may serve, does not apply to an existing director while the director holds office according to the terms and conditions for that director.

(3)  Any amendment to a governing document of a State-owned Company, that relates to how long a director of a State-owned Company may serve as director, does not apply to an existing director of a State-owned Company while the director holds office according to the terms and conditions for that director.