137Qualifications of auditors

137 Qualifications of auditors

137 Qualifications of auditors

(1) In this section—

officer of a society includes a receiver who is not also a manager.

(2) For the purposes of subsections (4) and (5), a person is taken to be an officer of a society if—

(a) the person is an officer of an entity controlled by the society or a body corporate related to the society, or

(b) except if the Registrar directs that this paragraph not apply in relation to the person—the person has, at any time during the last 12 months, been an officer or promoter of the society or of an entity that is controlled by the society.

(3) For the purposes of this section, a person is not taken to be an officer of a society by reason only of—

(a) being or having been the liquidator of the society or of an entity controlled by the society, or

(b) having been appointed as auditor of the society or of an entity controlled by the society or, for any purpose relating to taxation, a public officer of a body corporate, or

(c) being or having been authorised to accept, on behalf of the society or an entity controlled by the society, service of process or any notices required to be served on the society or entity.

(4) Subject to this section, a person must not—

(a) consent to be appointed as auditor of a society, or

(b) act as auditor of a society, or

(c) prepare a report required by this Act to be prepared by a registered company auditor or by an auditor of a society,

if—

(d) the person is not a registered company auditor, or

(e) the person is not ordinarily resident in this State, or

(f) the person is indebted in an amount exceeding $5,000 to the society or to a related body corporate, or

(g) the person—

(i) is an officer of the society, or

(ii) is a partner, employer or employee of an officer of the society, or