Victorian Consolidated Legislation

Forestry Pulp and Paper Company's Afforestation Contracts Act 1949 - SECT 30

Stockholder's director to be appointed pending final distribution among stockholders by Company

30. Stockholder's director to be appointed pending final distribution among
stockholders by Company



(1) Until the whole of the property so held by the Company in trust for
stockholders has been realized and converted into money and the proceeds
thereof distributed among the stockholders a stockholder or other person
selected and appointed by the Governor in Council shall be a director of the
Company in addition to the directors appointed by the Company and shall be
called "the stockholder's director".

(2) Notwithstanding the provisions of the memorandum and articles of
association of the Company any person so appointed shall subject to this
section hold office as the stockholder's director until requested to retire by
the Governor in Council.

(3) The stockholder's director shall not be required to hold any shares in the
Company as a qualification to be such director.

(4) The stockholder's director shall be paid by the Company the same
remuneration as is payable by it to the other directors of the Company (other
than the managing director).

(5) The stockholder's director may at any time by notice in writing to the
Company resign his office.





(6) As and whenever the person appointed as the stockholder's director vacates
such office whether upon request as aforesaid or by death retirement or
otherwise the Company shall notify the Governor in Council accordingly and the
Governor in Council may appoint another person as stockholder's director in
his place.

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