This Act may be cited as the Mutual Fire Insurance Amendment Act, 1925, and shall be read together with and deemed part of the Mutual Fire Insurance Act, 1908 (hereinafter referred to as the principal Act).

The by-laws of any association incorporated under the principal Act (whether so incorporated before or after the passing of this Act) may provide for the retirement of directors in rotation, save that no person shall, without re-election, hold office for a term of more than three years.

The members to retire from office at the end of the first year (and, where necessary, at the end of the second year) after the system of retirement in rotation has been brought into force by any association shall be determined by the directors by agreement, and in default of agreement shall be determined by lot in accordance with the by-laws of the association.

Every director shall, on retirement from office, be eligible for re-election.

Notwithstanding anything to the contrary in the principal Act or in the foregoing provisions of this Act, any director may be at any time removed from office by resolution of the association.