42Supreme Court may order removal of directors

#### 42 Supreme Court may order removal of directors 42 Supreme Court may order removal of directors > > (1) The Minister or the SPF trustee may apply to the Supreme Court for orders to remove a director of a liable entity from office and to appoint another person as a director. > > > (2) On any such application, the Supreme Court may make the following orders if satisfied that the director of the liable entity concerned has not faithfully performed or is not faithfully performing his or her duties as a director or has not observed or is not observing a requirement of the Court or of this Act— > > > > > (a) an order that the director ceases to hold office as a director of the liable entity on the day specified in the order, > > > > > (b) an order that a specified person is appointed to be a director of the liable entity instead of the person who ceases to hold office as a director. > > > (3) It is taken to be a provision of the constitution of each liable entity that— > > > > > (a) a director in respect of whom an order is made under subsection (2) 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 Supreme Court in an order made under subsection (2), and > > > > > (c) this power of appointment has effect despite any other provision of the constitution of the liable entity. > > > (4) A person who, by reason of an order made under this section, ceases to hold office as a director of a liable entity is not entitled to any remuneration or compensation because of the loss of that office. > > > (5) The provisions of this section are in addition to, and not in derogation of, the provisions of section 17.