43Appointment and election of auditors

#### 43 Appointment and election of auditors 43 Appointment and election of auditors > > (1) Within 1 month after the date on which a trust is established under section 4 (1), the administrator appointed to manage the affairs of the trust must appoint at least one qualified person to be the auditor of the trust. > > > (2) In the case of a trust which is established by section 4 (3) and in respect of which there is no auditor at the time when section 4 commences, the trust must, within 1 month after the commencement of this section, appoint at least one qualified person to be the auditor of the trust. > > > (3) A person appointed in respect of a trust under subsection (1) or (2) holds office, subject to this Division, only until the end of the first annual general meeting or, as the case may be, the next annual general meeting of the commoners concerned. > > > (4) A trust must: > > > > > (a) at its first annual general meeting of commoners or, as the case may be, at the first annual general meeting after the commencement of this section, elect at least one qualified person to be the auditor of the trust, and > > > > > (b) at each subsequent annual general meeting, if there is a vacancy in the office of auditor of the trust, elect a qualified person to fill the vacancy. > > > (5) A person elected as auditor under subsection (4) holds office until death or until removal or resignation from office in accordance with section 44 or until ceasing to be capable of acting as auditor by virtue of being no longer qualified. > > > (6) If: > > > > > (a) a vacancy, other than a vacancy caused by the removal of an auditor from office, occurs in the office of auditor of a trust, and > > > > > (b) there is no surviving or continuing auditor of the trust, and > > > > > (c) a general meeting of commoners has not elected a person to fill the vacancy, > > > > the trust must, within 1 month after the vacancy occurred, appoint a person to fill the vacancy. > > > (7) If an auditor of a trust is not elected or appointed as required by this section, the Minister may, on the application in writing of a commoner, appoint one or more qualified persons to be the auditor of the trust. > > > (8) A person appointed as auditor of a trust under subsection (6) or (7) holds office, subject to this section, only until the end of the next annual general meeting of commoners. > > > (9) A person may not be elected or appointed as an auditor of a trust without his or her consent. > > > (10) A person is not qualified to be elected or appointed or to continue to hold office as an auditor under this section unless the person holds the qualification prescribed by the regulations for the purposes of this section.