Financial Intermediaries Act 1996

The office of a director becomes vacant if the director—

dies; or

becomes a person who, under section 105, is not eligible to be a director; or

is absent from 3 consecutive ordinary meetings of the board without its leave; or

resigns by written notice of resignation given to the board; or

is 3 months in arrears for an amount payable to the society and has failed to make arrangements for payment satisfactory to the society; or

is removed from office by a resolution under section 107; or

completes a term of office.

If a casual vacancy happens in the office of a director as mentioned in subsection (1)(a) to (f), the board may appoint a person who is eligible to be a director to fill the vacancy.

The term of office of a director appointed to fill a casual vacancy ends at the end of the next annual general meeting of the society after the appointment.

A director may not be removed from office, and the office of a director does not become vacant, except as provided by this Act.