RemovalU.K.
87.—(1) The directors of a protected cell company must convene a general meeting without delay if—
(a)one or more persons holding shares issued on behalf of the core of the protected cell company gives notice to the protected cell company that a meeting must be held;
(b)the notice is signed by the person or persons giving notice;
(c)the person or persons giving notice hold at least 10% of the paid-up voting shares issued on behalf of the core of the protected cell company; and
(d)the notice states that the object of the meeting is to consider the removal of a director.
(2) A protected cell company may remove a director of the protected cell company by—
(a)a written resolution of the persons holding voting shares issued on behalf of the core of the protected cell company; or
(b)a resolution passed in a general meeting by a simple majority of the total voting rights of those shareholders who are entitled to vote on the resolution at the meeting.
(3) This regulation does not—
(a)deprive a person of compensation or damages payable in respect of the termination of the person's appointment as a director; or
(b)exclude any power to remove a person as a director which exists apart from this regulation.