Financial Intermediaries Act 1996
sec.152Nomination of auditors
Start here
Get a plain-English read of sec.152
Turn the raw legal text into a practical explanation grounded in Financial Intermediaries Act 1996.
sec.152 Nomination of auditors
A society must not appoint a person or firm as auditor of the society at its annual general meeting, not being a meeting at which an auditor is removed from office, unless written notice of nomination of the person or firm as auditor was given to the society by a member— before the meeting was called; or not less than 3 weeks before the meeting. A purported appointment of a person or firm as auditor of the society in contravention of subsection (1) has no effect. If a society contravenes subsection (1) , the society and any officer of the society who is in default each commit an offence. Maximum penalty—10 penalty units. If notice of nomination of a person or firm for appointment as auditor is received by the society, whether for appointment at a meeting or an adjourned meeting mentioned in section 151 (12) or at an annual general meeting, the society must not less than 7 days before the meeting or when notice of the meeting is given— send a copy of the notice of nomination to each person or firm nominated and to each auditor of the society; and cause a copy of the notice of nomination to be displayed in a conspicuous place at the society’s registered office until the day of the meeting. Maximum penalty—10 penalty units. (sec.152-ssec.1) A society must not appoint a person or firm as auditor of the society at its annual general meeting, not being a meeting at which an auditor is removed from office, unless written notice of nomination of the person or firm as auditor was given to the society by a member— before the meeting was called; or not less than 3 weeks before the meeting. (sec.152-ssec.2) A purported appointment of a person or firm as auditor of the society in contravention of subsection (1) has no effect. (sec.152-ssec.3) If a society contravenes subsection (1) , the society and any officer of the society who is in default each commit an offence. Maximum penalty—10 penalty units. (sec.152-ssec.4) If notice of nomination of a person or firm for appointment as auditor is received by the society, whether for appointment at a meeting or an adjourned meeting mentioned in section 151 (12) or at an annual general meeting, the society must not less than 7 days before the meeting or when notice of the meeting is given— send a copy of the notice of nomination to each person or firm nominated and to each auditor of the society; and cause a copy of the notice of nomination to be displayed in a conspicuous place at the society’s registered office until the day of the meeting. Maximum penalty—10 penalty units.
- (a) before the meeting was called; or
- (b) not less than 3 weeks before the meeting.
- (a) send a copy of the notice of nomination to each person or firm nominated and to each auditor of the society; and
- (b) cause a copy of the notice of nomination to be displayed in a conspicuous place at the society’s registered office until the day of the meeting.