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Legislative Assembly for the ACT: 1996 Week 8 Hansard (27 June) . . Page.. 2271 ..

MR WOOD (continuing):

(3) As soon as practicable after a meeting at which a staff director is elected, the chairperson of the meeting shall notify the Company Secretary in writing of the election.

(4) A person elected to be the staff director does not become a director of the Company until the day after the day on which the person gives the Company a signed consent to act as director.

(5) Subject to subclause (7), the staff director holds office for a period of 2 years commencing on the day on which he or she becomes a director of the Company.

(6) If the staff director is an employee of the Company, the director shall not be entitled to any remuneration as director but in the event -

(a) that a meeting of the directors is held outside the normal hours of employment of the employee; or

(b) that the employee otherwise attends to his or her duties as staff director outside his or her normal hours of employment;

the employee shall be entitled to reasonable sitting fees, travelling expenses and other expenses in connection with his or her attendance at directors meetings and otherwise in the execution of his or her duties as staff director.

(7) In addition to the circumstances in which the office of the staff director becomes vacant by virtue of the Corporations Law or other provisions of the articles of association, the office of the staff director shall be vacated if the director -

(a) being an employee of the Company - ceases for any reason to be an employee; or

(b) is removed as provided in subclause (8).

(8) The office of the staff director shall be vacated if the office is declared to be vacant upon a majority vote of all financial union members at a meeting held in accordance with clause 6.

(9) If at a meeting referred to in subclause (8) the office of the staff director is declared vacant, the chairperson may request nominations for election from the financial union members present.

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