17Minister may order directors of relevant companies to vacate office

#### 17 Minister may order directors of relevant companies to vacate office 17 Minister may order directors of relevant companies to vacate office > > (1) The Minister may, by order served on a relevant company, direct that— > > > > > (a) a specified director of the company ceases to hold office as a director on the day specified in the order, and > > > > > (b) a specified person is appointed instead of the specified director on that day or a subsequent day specified in the order. > > > (2) The Minister may not make an order under subsection (1) in respect of a liable entity if the SPF trustee holds all of the shares in the liable entity for the purposes of the SPF. > > > (3) A director of a relevant company in respect of whom an order is made under subsection (1) must not continue to act as a director of the company during or after the day specified in the order for the director to cease to hold office. > > > > Maximum penalty—1,000 penalty units. > > > (4) It is taken to be a provision of the constitution of each relevant company that— > > > > > (a) a director in respect of whom an order is made under subsection (1) ceases to hold office as a director on the day specified in the order, and > > > > > (b) the vacancy in the office may only be filled by a person appointed by the Minister in an order made under subsection (1), and > > > > > (c) this power of appointment has effect despite any other provision of the constitution of the relevant company. > > > (5) A person who, by operation of this section, ceases to hold office as a director of a relevant company is not entitled to any remuneration or compensation because of the loss of that office.