Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 11 - EXTERNAL ADMINISTRATION  

PART 11-2 - SPECIAL ADMINISTRATION  

Division 508 - Transition to normal control of the corporation ' s affairs at end of special administration  

SECTION 508-5   ELECTION OF DIRECTORS TO TAKE OVER AFFAIRS OF CORPORATION WHEN CORPORATION CEASES TO BE UNDER SPECIAL ADMINISTRATION  

508-5(1)    
The special administrator for an Aboriginal and Torres Strait Islander corporation may conduct an election to elect directors to assume control of the corporation ' s affairs immediately after the corporation ceases to be under special administration.

508-5(2)    
Without limiting subsection (1) , the election may be conducted:

(a)    at a general meeting of the members of the corporation; or

(b)    by postal ballot.

508-5(3)    
A person may be elected as a director under this section if the person gives the corporation a signed consent to act as a director of the corporation before being elected.

508-5(4)    
The persons elected:

(a)    become the directors of the corporation immediately after the corporation ceases to be under special administration; and

(b)    continue to hold office until the end of the next AGM of the corporation unless removed from office before then.