44.—(1) The Regulator may by order remove a director of a community interest company.
(2) If a person has been removed under paragraph (1)—
(a)the company may not subsequently appoint him a director of the company, and
(b)any assignment to the person of the office of director of the company is of no effect (even if approved by special resolution of the company).
(3) The Regulator may by order suspend a director of the company pending a decision whether to remove him.
(4) The maximum period for which a director may be suspended under paragraph (3) is one year.
(5) If the Regulator suspends a director under paragraph (3) the Regulator may give directions in relation to the performance of the director’s functions.
(6) The Regulator may discharge an order made under paragraph (1).
(7) The discharge of an order made under paragraph (1) does not reinstate the person removed by the order as a director of the company, but on the discharge of the order paragraph (2) ceases to apply to the person.
(8) The Regulator must from time to time review any order made under paragraph (3) and, if it is appropriate to do so, discharge the order.
(9) Before making an order under paragraph (1) or (3) in relation to a director, the Regulator must give at least 14 days' notice to—
(a)the director, and
(b)the company.
(10) Where an order is made in relation to a director under paragraph (1) or (3) the director may appeal against the order to the High Court.
(11) The Regulator must, before the end of the period of 14 days beginning with the date on which—
(a)an order under paragraph (1) is made or discharged,
(b)an order under paragraph (3) is made or discharged or expires, or
(c)an order under paragraph (1) or (3) is quashed on appeal,
give notification of that event to the registrar of companies in a form approved by the registrar of companies.
(12) Where paragraph (11) imposes an obligation to notify the registrar of companies of an event, Article 296(2) of the 1986 Order (requirement that company notify change among directors to registrar) does not apply in respect of the event.