Victorian Consolidated Legislation

Co-operative Housing Societies Act 1958 - SECT 49

Appointment of director by Treasurer in certain cases

49. Appointment of director by Treasurer in certain cases



(1) This section shall apply to and in respect of-

   (a)  every society for the repayment of any loan to which the Treasurer of
        Victoria has executed a guarantee under this Act; and

   (b)  every society with which the Treasurer of Victoria has entered into an
        agreement of indemnity under this Act.

(2) The said Treasurer may, from time to time, by notification published in
the Government Gazette, appoint a person to be a director of any society to
which this section applies and may by the like notification remove any such
director.

(3) The provisions of this Act (other than this section) and of the rules of
the society relating to the qualification disqualification remuneration
removal from office and term of office of directors and to the vacation of
office by directors shall not apply to or in respect of a director appointed
under this section.

(4) A director appointed under this section shall hold office as an additional
director and shall not be counted in ascertaining the number of directors for
the election of whom provision is made in the rules of the society.

(5) Subject to subsection (3) of this section a director appointed under this
section shall have all the powers, rights, authorities, functions, privileges,
immunities, duties, obligations, and liabilities of a director elected in
accordance with the rules of the society.

(6) A director appointed under this section shall, unless he is an employee in
the public service, be paid such fees as are prescribed by the regulations.