CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 496.1 General rule that offices of directors and secretary vacated when special administrator appointed
CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 496.1
General rule that offices of directors and secretary vacated when special administrator appointed(1) Subject to section 496 - 5, the following offices become vacant on the appointment of a special administrator for an Aboriginal and Torres Strait Islander corporation:
(a) the office of each director of the corporation;
(b) the office of each secretary (if any) of the corporation.
(2) Subsection (1) applies even if the special administrator is appointed to replace another special administrator for the corporation.
Note: This subsection has the effect that if a special administrator is
appointed and the Registrar determines, as part of that appointment, that the
offices of the corporation's officers are not to be vacated, the
subsequent appointment of a replacement special administrator will
automatically vacate those offices unless a fresh determination is made under
section 496 - 5 in relation to the new appointment.