Directors term of office and remuneration
12 Directors term of office and remuneration
Subject to this section, a director (other than a director appointed by the Minister) will be elected at the annual general meeting of the
Trust.
A member of the Trust is not eligible for election as a director if the member—
is an undischarged bankrupt or is taking the benefit of a law for the relief of insolvent debtors; or
is an employee of the Trust; or
is a member who is not entitled to vote at a meeting of the Trust;
or
is a member who is not entitled to be a director of the board under the rules of the Trust or on account of a resolution of the
Trust.
Subject to this section, a director will hold office for a term of
2 years (with each period between the annual general meetings of the
Trust to be taken to be 1 year) and, at the expiration of a term of office, will be eligible for re‑election.
The office of a director becomes vacant if the person holding the office—
dies; or
completes a term of office and is not re‑elected;
or
resigns by written notice to the board; or
ceases to be eligible for election as a director of the board under subsection (2); or
is convicted of an indictable offence; or
is found guilty of an offence against section 15; or
is removed from office under section 13.
If a casual vacancy occurs in the office of a director, the remaining directors may appoint a person to the vacant office for the balance of the former director's term of office.
A director is entitled to remuneration, allowances and expenses determined or approved by the Trust.
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