157 Director ceasing to hold office

(1)

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

(a)

resigns in accordance with subsection (2); or

(b)

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

(c)

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

(d)

dies; or

(e)

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

(2)

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.

(3)

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.