18Effect of chief executive officer ceasing to be chief executive officer

18 Effect of chief executive officer ceasing to be chief executive officer

(1)  If a person holds the position of chief executive officer and the office of director, on the termination of his or her appointment as chief executive officer –

(a) his or her appointment as director is revoked; and

(b) any appointment of that person as director in a subsidiary of the Corporation is revoked; and

(c) any membership of that person of any committee created by the Board or subsidiary ceases.

(2)  Subsection (1) does not affect the eligibility of the person to be reappointed to an office referred to in that subsection.