Resignation of directorships - Contract of Employment

This is a technical matter which applies when an individual holding directorships leaves an organisation (usually with some considerable disagreement). In that event it can be difficult to get them to voluntarily resign their directorships.

Example Clauses

At any time the Manager, if a director or officer of any Associated Company, may be requested by the Company to immediately resign from any office in or directorship of any Associated Company. Such request may be made by the Company under whatever circumstance. At that time he may also be requested to execute any transfer form transferring shares held by the Manager in any Associated Company (provided that such shares are held at the request of or on behalf of any other Associated Company), in all cases without claim for compensation.

In the event of his failure so to comply with 17.1 the Company is hereby irrevocably authorised to appoint some person in his name and on his behalf to sign and deliver such resignation or resignations and execute and deliver such share transfer form to the Company of which the Manager is a director, officer or shareholder. In the circumstances where the Manager’s employment hereunder is terminated the Manager shall not without the consent of the Company at any time thereafter represent himself still to be connected any Associated Company. The Manager shall return forthwith all property of the Company which is in his possession or under his control.