47(1)On the recommendation of the Minister, the Lieutenant-Governor in Council may appoint an administrator of a corporation in the following circumstances:
(a)
the board takes up a practice or tolerates a situation that is incompatible with the objects and purposes of that corporation or with this Act; or
(b)
in the opinion of the Minister, financial or significant operational problems exist with respect to that corporation.
47(2)On the appointment of an administrator, the board members’ appointments are terminated.
47(3)During the period of the administrator’s appointment, the administrator is the sole member of the board and in the name of the board may exercise the powers and shall perform the duties of the board.
47(4)The administrator shall be paid the remuneration and expenses that the Lieutenant-Governor in Council determines and the payment shall be made out of the funds of the corporation.
47(5)At a time determined by the Lieutenant-Governor in Council, a new board of governors of the corporation shall be constituted in accordance with subsections 10(1) to (4) and (6) and (7).
47(1)On the recommendation of the Minister, the Lieutenant-Governor in Council may appoint an administrator of a corporation in the following circumstances:
(a)
the board takes up a practice or tolerates a situation that is incompatible with the objects and purposes of that corporation or with this Act; or
(b)
in the opinion of the Minister, financial or significant operational problems exist with respect to that corporation.
47(2)On the appointment of an administrator, the board members’ appointments are terminated.
47(3)During the period of the administrator’s appointment, the administrator is the sole member of the board and in the name of the board may exercise the powers and shall perform the duties of the board.
47(4)The administrator shall be paid the remuneration and expenses that the Lieutenant-Governor in Council determines and the payment shall be made out of the funds of the corporation.
47(5)At a time determined by the Lieutenant-Governor in Council, a new board of governors of the corporation shall be constituted in accordance with subsections 10(1) to (4) and (6) and (7).
47(1)On the recommendation of the Minister, the Lieutenant-Governor in Council may appoint an administrator of a corporation in the following circumstances:
(a)
the board takes up a practice or tolerates a situation that is incompatible with the objects and purposes of that corporation or with this Act; or
(b)
in the opinion of the Minister, financial or significant operational problems exist with respect to that corporation.
47(2)On the appointment of an administrator, the board members’ appointments are terminated.
47(3)During the period of the administrator’s appointment, the administrator is the sole member of the board and in the name of the board may exercise the powers and shall perform the duties of the board.
47(4)The administrator shall be paid the remuneration and expenses that the Lieutenant-Governor in Council determines and the payment shall be made out of the funds of the corporation.
47(5)At a time determined by the Lieutenant-Governor in Council, a new board of governors of the corporation shall be constituted in accordance with subsections 10(1) to (4) and (6) and (7).