CAP. 70]
The Hongkong and Shanghai Bank Regulations
[1989 Ed.
[Subsidiary]
Audit
143. Accounts to be audited yearly
Once at least in every year the accounts of the bank shall be examined and the correctness of the profit and loss account and balance sheet ascertained by two or more auditors.
144. Appointment and remuneration of auditors
(1) The shareholders shall at each annual general meeting appoint an auditor or auditors to hold office until the next annual general meeting. Every retiring auditor shall, if qualified, be eligible for re-election.
(2) If an appointment of auditors is not made at an annual general meeting, the board shall appoint an auditor or auditors for the current year and fix the remuneration to be paid to them by the bank for their services.
(3) A director or officer of the bank or a partner or employee of such director shall not be capable of being appointed auditor of the bank.
(4) A person, other than a retiring auditor, shall not be capable of being appointed auditor at an annual general meeting unless notice of an intention to nominate that person to the office of auditor has been given in writing by a shareholder to the chairman of the bank not less than 14 days before the annual general meeting, and the bank shall send a copy of any such notice to the retiring auditor, and shall give notice thereof to the shareholders by advertisement in an English newspaper printed and circulating in Hong Kong, not less than 7 days before the annual general meeting: (L.N. 61 of 1969)
Provided that if, after a notice of the intention to nominate an auditor has been so given, an annual general meeting is called for a date 14 days or less after that notice has been given, the notice, though not given within the time required by this provision, shall be deemed to have been properly given for the purposes thereof, and the notice to be sent or given by the bank may, instead of being sent or given within the time required by this provision, be sent or given at the same time as the notice of the annual general meeting.
(5) The board may fill any casual vacancy in the office of auditor but while any such vacancy continues the surviving or continuing auditor or auditors, if any, may act.
(6) The remuneration of the auditors of the bank shall be fixed by the shareholders in general meeting or in such manner as the shareholders in general meeting may determine, except that the remuneration of any auditors appointed to fill any casual vacancy shall be fixed by the board.
(L.N. 157 of 1987)
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