Ann: CANNTAB ARRIVES IN AUSTRALIA, page-115

First 115 Last

Share
Profile

Follow
nrl1970

175 Posts.

157

12/08/21

06:05

Post #: 55219742
Share

Originally posted by GoldDigger!: ↑

Aussie Eagle, there is a process for shareholders seeking the removal of a company director. In this instance, it is my opinion that some (if not all) members of this board should be removed.

A company’s directors are appointed by the company’s shareholders (members) to act on their behalf. And so shareholders can also remove a director, or vote against him/her being reappointed (where applicable; e.g., where, under the company’s constitution, an initial appointment by the board of directors must be ratified by shareholders within 2 months) by ordinary resolution at a general meeting in terms of the company’s constitution or the Corporations Act. There could be many reasons why shareholders may wish to remove a director, including loss of confidence in him/her, animosity or antipathy, or simply that there are too many directors (and removing 1 or more will save fees). The Act, in s203D, is quite prescriptive in relation to removal of a director of a public company. But for a proprietary company (Pty Ltd) the power of shareholders to remove a director is usually contained in the company’s constitution or Replaceable Rule s203C(a) of the Act. The Act, and usually the constitution, also allows for another director to be appointed by resolution at the same meeting – Replaceable Rule s203C(b) – if that is desired.

Expand

Been voting against the re appointment of these directors for a years. Holders are keeping them there!

CGB Price at posting: 0.6¢ Sentiment: None Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

ARV

Smallcap Artemis Res' jumps 23% on six digit gold grade rockchip find at Titan

OCT

Octava Minerals joins the antimony train with high-grades on the radar at Yallagong, WA

Tonight's US CPI data could set the tone for November. What are markets expecting?

IMA

Issues emerging as Australian companies tackle critical minerals challenge

ARB

Court process clears way for ARB to buy up 4 Wheel Parts business in the US