157 Director ceasing to hold office


The office of director of a company is vacated if the person holding that office—


resigns in accordance with subsection (2); or


is removed from office in accordance with this Act or the constitution of the company; or


becomes disqualified from being a director pursuant to section 151; or


dies; or


otherwise vacates office in accordance with the constitution of the company.


A director of a company may resign office by signing a written notice of resignation and delivering it to the address for service of the company. The notice is effective when it is received at that address or at a later time specified in the notice.


Notwithstanding the vacation of office, a person who held office as a director remains liable under the provisions of this Act that impose liabilities on directors in relation to acts and omissions and decisions made while that person was a director.