S.L. 234.42 Art. 83Appointment of auditors.

(1) A company shall, at each general meeting at which the annual accounts are laid, appoint an auditor or auditors to hold office from the conclusion of that meeting until the conclusion of the next general meeting at which the accounts are laid. The company may appoint joint auditors and reference in these regulations to auditor or auditors shall be deemed to include references to single or joint auditors as the case may be.

(2) The first auditors of the company may be appointed by the directors at any time before the first general meeting of the company at which the annual accounts are laid, and the auditors so appointed shall hold office until the conclusion of that meeting.

(3) If the directors fail to exercise their powers under subregulation (2), the powers may be exercised by the company in general meeting.

(4) If no auditors are appointed or re-appointed as required by the foregoing subregulations, the court on an application made by any of the directors or by any member of the company or by the Registrar may appoint a person to fill the vacancy.

(5) In the case specified in subregulation (4), the company shall within two weeks of the general meeting at which an auditor or auditors should have been appointed by virtue of subregulation (1), give notice to the Registrar that his power to apply to the court has become exercisable.

(6) If a company fails to give the notice required by subregulation (5), every officer of the company who is in default shall be liable to a penalty and, for every day during which the default continues, to a further penalty.