RMC Director resignation

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    RMC Director resignation

    When a RMC director sells the property managed by the RMC which confers on them company membership/shareholder status, do they cease being a member of the company in most cases?

    If they do cease being a member of the RMC by virtue of the sale and transfer of shareholder/membership to the new owner, is there any legal requirement to resign their RMC directorship?

    Or can they remain a RMC director after the sale / ceasing to be member of the company?

    #2
    It depends on the Articles of Association but normally a leaseholder selling his property would cease to be a member and a director would be required to be a member. It also depends on whether or not there is a quorum of directors and the director could remain in office until a replacement is found.

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      #3
      In my limited by guarantee case, the board would have to determine that they were no longer the owner of the unit, at which point they would no longer be a member. On ceasing to be a member, their directorship would terminate. However, all this is achieved by specific rules in the AoA, so there is no default position.

      (RTM directors do not have to have an interest in the property.)

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        #4
        cheers for the advice

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