Part 4 — Directors and Officers of Cooperatives Division 1 Number, Qualifications and Functions of Directors
61 Board of directors vacant
to vote at a meeting of the cooperative may call a special meeting
to elect directors to fill the vacancies.
(2) If all of the directors have resigned or been removed without
replacement, a person who manages or supervises the management
of the business and affairs of the cooperative is, subject to any
unanimous agreement, deemed to be a director for the purposes of
this Act.
(3) Subsection (2) does not apply to
(a) an officer who manages the business or affairs of the
cooperative under the direction or control of a member,
shareholder or other person,
(b) a lawyer, accountant or oth er professional who participates
in the management of the cooperative solely for the purpose
of providing professional services, or
(c) a trustee in bankruptcy, receiver, receiver-manager or
secured creditor who participates in the management of the
cooperative or exercises control over its property solely for
the purpose of the realization of security or, in the case of a
trustee in bankruptcy, the administration of a bankrupt's
estate.