203AB
In forceResignation of directors—resignation has no effect if company has no other directors
Volume 1Chapter 1, Part 1.1 to Chapter 2J, Part 2J.4 sections 1 to 260E
Chapter 2DOfficers and employees
Part 2D.3Appointment, remuneration and cessation of appointment of directors
Division 3Resignation, retirement or removal of directors
203AB Resignation of directors—resignation has no effect if company has no other directors
(1)
The resignation of a director of a company does not take effect if, at the end of the day that the resignation is to take effect, the company does not have at least one director.
Note:
For the application of this section, see Part 10.37.
(2)
However, subsection (1) does not prevent the resignation of a director of a company taking effect if the resignation is to take effect on or after the day that the winding up of the company is taken, because of Division 1A of Part 5.6, to have begun.
This Act’s bill:Explanatory memorandumSecond reading speech
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