Financial Intermediaries Act 1996

A society may, by resolution, remove a director before the end of the director’s term of office, despite anything in the society’s rules or in an agreement between it and the director.

The resolution may be passed only if the society has given notice to members stating the proposed resolution and the day and time of the meeting when it is proposed the resolution will be made (the removal meeting).

The society must also give a copy of the notice to the director.

A society’s rules may provide for—

the period of notice; and

the way notice may be given to members; and

any other relevant matter.

The director may make written representations to the society (of a reasonable length) before the removal meeting.

The society must promptly send to each member a copy of any written representations made by the director if—

the director asks the society to do so; and

there is enough time for the copies to be received by the members at least 2 days before the removal meeting.

At the removal meeting, the director—

is entitled to be heard on the resolution to remove the director; and

if the director has made written representations under subsection (5) and a copy has not been sent to members under subsection (6)—may require that the representations be read out.