Financial Intermediaries Act 1996

The registrar may revoke an administrator’s appointment.

The revocation must happen by written notice.

Before revoking an administrator’s appointment, the registrar must—

appoint another administrator; or

appoint a liquidator; or

ensure directors have been elected under the society’s rules at a meeting called by the administrator under the rules; or

appoint directors of the society.

Directors elected or appointed under subsection (3)—

take office on the revocation of the administrator’s appointment; and

for directors appointed under subsection (3)(d)—hold office, subject to section 58, until the end of the society’s next annual general meeting.