Continuation of Board
6 Continuation of Board
The board of directors established under section 7 of the repealed Act continues in existence and will, on and after the commencement of this clause, be taken to be the Board established under section 9.
Subject to this Act, a person holding office as a director under section 8 of the repealed Act immediately before the commencement of this clause will, on the commencement of this clause—
continue to hold office as a director on the same conditions and for the remainder of their term of office; and
be taken to have been appointed under section 9 of this Act.
The following provisions apply in relation to a prescribed appointment of a director:
the requirements relating to the nomination of members set out in section 9(4) and (5) of this Act will be taken not to apply in relation to the prescribed appointment;
section 7(3) and (4) of the repealed Act will be taken to apply to the prescribed appointment as if that section had not been repealed;
the prescribed appointment will be taken to be an appointment under section 9 of this Act, (however, to avoid doubt, nothing in this subclause applies in relation to any subsequent appointment or reappointment of the person).
In this clause—
prescribed appointment, of a director, means—
the reappointment of a person holding office as a director under section 8 of the repealed Act immediately before the commencement of this clause (being a director whose term of office expires on 14 October 2026); or
the appointment of a member before 14 October 2027 to fill a casual vacancy occurring in the office of a director, and, to avoid doubt, includes the nomination of a person in respect of such an appointment.
This Act’s bill:Second reading speech
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