Section 20: Terms of office of Directors and Members

20. Terms of office of Directors and Members.___(1) 3[At every general meeting] one third of the 4[elected] Directors and Members for the time being, or if their number is not three or a multiple of three then the number nearest to one third, shall retire from office 5[; but the retired Director or Members shall, subject to the provisions of section 17, be eligible for re-election]. (2) The Directors and Members to retire at every general 6[* *] meeting shall be those who have been longest in office, and as between those Directors and Members who are to retire and who have been in office for an equal length of time the Director and Member to retire shall in default of agreement amongst themselves be determined by lot, the length of time a Director or Member has been in office being subject to subsection (2) of section 21, computed from his last election. 7[* * * * * * *] 8[(3) A Director or Member appointed by the Federal Government, other than the Managing Director, shall hold office during the pleasure of the Federal Government. (4) A Member appointed by the Central Board shall cease to hold office when he ceases to be a Director.]

Effective date: 1949-01-01

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