Section 115

The terms and conditions of an appointment referred to in subsection (1) shall, subject to the order under which the appointment is made, be determined by the Commission and shall be binding on the licensee.

The appointment of a director or directors under subparagraph 113(1)(C)(ii) shall not affect any provision of the constituent documents enabling the licensee to have additional directors where the maximum number of directors allowed under the constituent documents has not already been reached or exceeded by the appointment or appointments under subparagraph 113(1)(C)(ii).

A person holding any appointment as is referred to in subsection (1) shall not incur any obligation or liability solely by reason of his holding such appointment.

Provisions in relation to removal from office under section 113