State Bank (Corporatisation) Act 1989
11Dissolution of State Bank and State Bank Board
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11 Dissolution of State Bank and State Bank Board
11 Dissolution of State Bank and State Bank Board
(1) The State Bank is dissolved.
(2) The State Bank Board is dissolved.
(3) A person holding office as a director of the State Bank Board immediately before its dissolution:
(a) ceases to hold that office, and
(b) except as provided by subsection (4), is not entitled to any remuneration or compensation because of the loss of that office.
(4) Part 8 of the Public Sector Management Act 1988 applies to a person who so ceases to hold office as a director of the State Bank Board, without immediately being appointed to the service of the Corporation or a subsidiary of the Corporation, in the same way as it applies to a person removed from office under that Part.