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CORPORATIONS ACT 2001

CHAPTER 2D - OFFICERS AND EMPLOYEES  

PART 2D.3 - APPOINTMENT, REMUNERATION AND CESSATION OF APPOINTMENT OF DIRECTORS  

Division 1 - Appointment of directors  

Subdivision A - General rules    View history reference

SECTION 201F  SPECIAL RULES FOR THE APPOINTMENT OF DIRECTORS FOR SINGLE DIRECTOR/SINGLE SHAREHOLDER PROPRIETARY COMPANIES  

201F(1)  [Power to appoint another director]  


The director of a proprietary company who is its only director and only shareholder may appoint another director by recording the appointment and signing the record.

201F(2)  Appointment of new director on death, mental incapacity or bankruptcy.  


If a person who is the only director and the only shareholder of a proprietary company:


(a) dies; or


(b) cannot manage the company because of the person's mental incapacity;

and a personal representative or trustee is appointed to administer the person's estate or property, the personal representative or trustee may appoint a person as the director of the company.

201F(3)  [Appointment upon bankruptcy]  


If:


(a) the office of the director of a proprietary company is vacated under subsection 206B(3) or (4) because of the bankruptcy of the director; and


(b) the person is the only director and the only shareholder of the company; and


(c) a trustee in bankruptcy is appointed to the person's property;

the trustee may appoint a person as the director of the company.

201F(4)  [Power to appoint themselves]  


A person who has a power of appointment under subsection (2) or (3) may appoint themselves as director.

201F(5)  [Effect of appointment]  


A person appointed as a director of a company under subsection (2), (3) or (4) holds office as if they had been appointed in the usual way.

 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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