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I don’t want to get all bush lawyer on everyone but Section 35 of the Act refers to committee members vacating their seat because of ceasing to be eligible (not ceasing to own) and that makes sense because non-owners can be on the committee if nominated by owners.
There is another clause that says if the committee member was an non-owner at the time of election and the owner who nominated them sells, then they lose their position
By my reading, that means the committee member might have to vacate if they had self-nominated before the last election. Otherwise, if they’d been nominated by another owner, they would be free to stay on because they were still “eligible” (and could stand for election again).
That said, just the fact that a non-owner wanted to stay on the committee would have me sniffing the air for foul play.