Section 138 - Co-operative Housing and Starr-Bowkett Societies Act 1998 - Appointment of auditors

138Appointment of auditors

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138 Appointment of auditors

(1) In this section, a reference to the appointment of a person or firm as auditor of a society includes a reference to the appointment of persons, firms, or a person or persons and a firm or firms, as auditors of the society.

(2) Within 1 month of incorporation, the directors of a society must appoint, unless the society at a general meeting has appointed, a person or firm as auditor of the society.

(3) Within 14 days after the appointment of an auditor under subsection (2), the society must give a notice of the appointment in the approved form to the Registrar.

Maximum penalty—5 penalty units.

(4) A person or firm appointed as auditor under subsection (2) holds office, subject to this Division, until the first annual general meeting of the society.

(5) A society must—

(a) at its first annual general meeting appoint a person or firm as auditor of the society, and

(b) at each subsequent annual general meeting, if there is a vacancy in the office of auditor, appoint a person or firm to fill the vacancy.

(6) A person or firm appointed as auditor under subsection (5) holds office—

(a) until death or removal or resignation from office in accordance with section 140 (Removal and resignation of auditors), or

(b) until ceasing to be capable of acting as auditor because of section 137 (4) or (5) (Qualifications of auditors).

(7) Within 1 month after a vacancy, other than a vacancy caused by the removal of an auditor from office, happens in the office of auditor of the society, if there is no surviving or continuing auditor of the society, the directors must, unless the society at a general meeting has appointed a person or firm to fill the vacancy, appoint a person or firm to fill the vacancy.

(8) While a vacancy in the office of auditor continues, the surviving or continuing auditor (if any) may act.

(9) A society must not, and the directors of a society must not, appoint a person or firm as auditor of the society unless the person or firm has, before the appointment, consented by written notice given to the society or to the directors to act as auditor and has not withdrawn consent by written notice given to the society or to the directors.