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Sean
Sean, Experienced lawyer
Category: Australia Law
Satisfied Customers: 855
Experience:  Law degree with 1st class honours from Australian National University.
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I have been general manager and director of registered company

Customer Question

I have been general manager and director of registered company (Pty ltd) in Australia for the past 10 years and also held the position as company secretary for the past two and a half years.
The company is a subsidiary of a Singapore company and they have asked me to sign a 'resignation as a director' letter to the board.
Do I have certain rights which I give up by signing this letter?
Submitted: 1 year ago.
Category: Australia Law
Expert:  Sean replied 1 year ago.
Hello and thank you for your question. My name is XXXXX XXXXX I would be happy to assist you with this.

By resigning as a director you will lose your ability to decide matters relating to how the company is run (at a board level). The person who replaces you as director will get that ability.

However, this will not affect your employment as General Manager - unless the company does something to change this you will still hold this position and resigning as a director will not affect this.

Keep in mind that if you don't resign, as the shareholder they will be able to remove you anyway. So there is little to be gained by resisting this.

Please let me know if you need any more information.

Regards,
Sean

Sean, Experienced lawyer
Category: Australia Law
Satisfied Customers: 855
Experience: Law degree with 1st class honours from Australian National University.
Sean and other Australia Law Specialists are ready to help you
Expert:  Sean replied 1 year ago.

Thanks for the bonus... :-)

Customer: replied 1 year ago.

Further to my question related to my resignation as I director, please clarify the following. When I resign, there will be no directors left in the board of EMAS AMC Pty Ltd who is an Australian citizen or holds a PR.


Is there not a requirement that at least one director on the board of an Australian listed company needs to be either an Australian citizen or hold a PR?


Or is it sufficient that the company secretary is an Australian citizen or holds a PR?


 


Thor Hevroy


 

Expert:  Sean replied 1 year ago.

Hi Thor,

Section 201A of the Corporations Act 2001 (Cth) provides that a company must have at least one director and that director must ordinarily reside in Australia.

It would not be sufficient if only the secretary is Australian - there must be at least one director who ordinarily resides in Australia.

Regards,
Sean

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Sean
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Law degree with 1st class honours from Australian National University.