Definition : Director - Resignation

The act by which a director voluntarily resigns from office.

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  The By-laws of the immovable generally provide all the director’s office specific provisions, including the duration of his term of office. If the By-laws are silent thereon, the legal term of one year will apply, in accordance with section 339 of the Civil Code of Québec, which specifies that “At the expiry of that period, their term continues unless it is revokedˮ. A director usually remains in office until the next annual general meeting of the co-owners, who will proceed to a re-election.
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