301Appointment by directors or annual general meeting of auditor

301 Appointment by directors or annual general meeting of auditor of large co-operative to fill casual vacancy (cf Corporations Act s 327C) (1) If: (a) a vacancy occurs in the office of auditor of a large (b) the vacancy is not caused by the removal of an auditor from office; and (c) there is no surviving or continuing auditor of the co-operative; the directors must, within one month after the vacancy occurs, appoint an auditor to fill the vacancy unless the co-operative at a general meeting has appointed an auditor to fill the vacancy. (2) An auditor appointed under subsection (1) holds office, subject to this Part, until the co-operative's next annual general meeting. (3) A director of a large co-operative must take all reasonable steps to Maximum penalty (for subsection (3)): $2 500 or imprisonment for 6 months, or both.