76Removal and resignation of auditors

##### 76 Removal and resignation of auditors (1) A dealer may, if he has received the consent of the Commission, remove an auditor of the dealer from office. (2) An auditor of a dealer may, by notice in writing given to the dealer, resign as auditor of the dealer if: (a) he has, by notice in writing given to the Commission, applied for consent to his resignation and, at or about the same time as he gave notice to the Commission, notified the dealer in writing of his application to the Commission; and (b) he has received the consent of the Commission. (3) The Commission shall, as soon as practicable after receiving a notice from an auditor under subsection (2), notify the auditor and the dealer whether it consents to the resignation of the auditor. (4) A statement made by an auditor in an application to the Commission under subsection (2) or in answer to an inquiry by the Commission relating to the reasons for the application: (a) is not admissible in evidence in any civil or criminal proceedings against the auditor other than proceedings for an offence against section 135; and (b) may not be made the ground of a prosecution (other than a prosecution for an offence against section 135), action or suit against the auditor; and a certificate by the Commission that the statement was made in the application or in answer to an inquiry by the Commission is conclusive evidence that the statement was so made. (5) Subject to subsection (6) and to any order of the Court under subsection (8), the resignation of an auditor takes effect: (a) on the date (if any) specified for the purpose in the notice of resignation; (b) on the date on which the Commission gives its consent to the resignation; or (c) on the date (if any) fixed by the Commission for the purpose; whichever last occurs. (6) Where, on the retirement or withdrawal from a firm of a member, the firm will no longer be capable, by reason of the provisions of paragraph 75(3)(d), of acting as auditor of a dealer, the member so retiring or withdrawing shall, if not disqualified from acting as auditor of the dealer, be deemed to be the auditor of the dealer until he obtains the consent of the Commission to his retirement or withdrawal. (8) A person aggrieved by the refusal of consent by the Commission to the removal or resignation of an auditor of a dealer may, within one month after the date of refusal, appeal to the Court from the refusal and thereupon the Court may confirm or reverse the refusal and may make such further order in the matter as to it seems proper. (9) This section does not apply in relation to a body corporate (other than an exempt proprietary company) in relation to which section 282 of the Companies Act 1981, or a provision of a law of a participating State or participating Territory that corresponds with that section, applies. (10) In subsection (9), exempt proprietary company means a body corporate that is an exempt proprietary company within the meaning of the Companies Act 1981 or of the provisions of a law of a participating State or participating Territory that correspond with that Act.