Section HA 31 — Income Tax Act 2007: Revocation of directors’ elections

HA 31 Revocation of directors’ elections Revoking election (1) An election by directors under section HA 5 may be revoked only by a resolution of the board of directors. The board must advise the Commissioner of the resolution by providing a notice of revocation. When revocation takes effect (2) The revocation of an election takes effect at the start of the income year that the board nominates in the notice of revocation. If the board has not nominated an income year, the revocation takes effect at the start of the income year in which the notice of revocation is provided. Defined in this Act: Commissioner , director , income year , notice , Compare: 2004 No 35 s HG 3(4), (5)