(1) A Director ceases to hold office if he or she—
(a) becomes an insolvent under administration; or
(b) is convicted, or found guilty, of an indictable offence or an offence that, if committed in Victoria, would be an indictable offence.
(2) A Director may resign his or her office by writing signed by him or her and delivered to the Governor in Council.
(3) The Governor in Council may remove a Director from office—
(a) if the Director is absent from 3 consecutive meetings in any year without leave granted by the Minister; or
(b) on any ground on which the Governor in Council is satisfied that the Director is unfit to hold office.