276
277
from "YY (1)" Last five words taken from No 15 of 1925, S. 8.
for Board of Trade"
do.
Disqualifica- tion for
appoint-
ment as auditor. 5. c. 23,
19 420 Geo.
8. 133.
-
58
—
for the daily summary in the English language referred to in the proviso in section 121 (1). In this sub-section "person" shall include a firm.
(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 by a member to the company not less than fourteen days before the annual general meeting, and the company shall send a copy of any such notice to the retiring auditor, and shall give notice thereof to the members, either by advertisement or in any other mode allowed by the articles, not less than seven days before the annual general meeting:
Provided that if, after notice of the intention to nominate an auditor has been so given, an annual general meeting is called for a date fourteen days or less after the notice has been given, the notice, though not given within the time required by this subsection, shall be deemed to have been properly given for the purposes thereof, and the notice to be sent or given by the company may, instead of being sent or given within the time required by this subsection, be sent or given at the same time as the notice of the annual general meetiig.
(5) Subject as hereinafter provided, the first auditors of the company may be appointed by the directors at any time before the first annual general meeting, and auditors so appointed shall hold office until that meeting:
Provided that-
(a) the company may at a general meeting of which notice has been served on the auditors in the saine manner as on members of the company remove any such auditors and appoint in their place any other persons being persons who have been nominated for appoint ment by any member of the company and of whose nomination notice has been given to the members of the company not less than seven days before the date of the meeting; and
(b) if the directors fail to exercise their powers under this subsection, the company in general meeting may appoint the first auditors, and thereupon the said powers of the directors shall cease.
(6) The directors 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.
(7) The remuneration of the auditors of a company shall be fixed by the company in general meeting. except that the remuneration of an auditor appointed before the first annual general meeting, or of an auditor appointed to fill a casual vacancy, may be fixed by the directors, and that the remuneration of an auditor appointed by the court may be fixed by the court.
132. (1) None of the following persons shall be qualified for appointment as auditor of a company-
(a) a director or officer of the company;
(b) except where the company is a private com- pany, a person who is a partner of or in the employment of an officer of the company:
(c) a body corporate.
59
(2) Nothing in this section shall disqualify a body corporate from acting as auditor of a company if acting under an appointment made before the day on which this Ordinance comes into operation, but subject as aforesaid any body corporate which acts as auditor of a company shall be liable to a fine not exceeding one thousand dollars.
for "third August, 1928"
133. (1) The auditors shall make a report to the Auditors' members on the accounts examined by them, and on report and overy balance sheet laid before the company in general auditors' meeting during their tenure of office, and the report right of
shall state
and
access to books and
attend
for "hundred pounds"
(a) whether or not they have obtained all the in- right to formation and explanations they have required: general
meetings. 19 & 20 Geo. (b) whether, in their opinion, the balance sheet 5, c. 23,
referred to in the report is properly drawn up s. 134, so as to exhibit a true and correct view of the state of the company's affairs according to the best of their information and the explana- tions given to them, and as shown by the books of the company.
(2) Every auditor of a company shall have a right
of access at all times to the bocks and accounts and vouchers of the company, and shall be entitled to require from the directors and officers of the company such information and explanation as may be necessary for the performance of the duties of the auditors:
Provided that, in the case of a banking company A which has branch banks beyond the limits of the Colony for, in the case of a China company if the company has branch banks beyond the limits of the consular district wherein such company has its registered office), it shall be sufficient if the auditor is allowed access to such copies and extracts from such books and accounts of any such branch as have been transmitted to the head office of the company in the Colony (or in the case of a china company to the registered office of the company within the limits of the China Orders in Council).
(8) The auditors of a company shall be entitled to attend any general meeting of the company at which any accounts which have been examined or reported
by them are to be laid before the company and to make any statement or explanation they desire with respect to the accounts,
Inspection.
reference to 1849 omitted.
for "Europe"
for "Great Britain":"
more Investiga. for Board of Tradi
134. (1) The court may appoint one or competent inspectors to investigate the affairs of a tion of company and to report thereon in such manner as they direct-
affairs of company by inspectors.
5, c. 23,
$. 135.
(a) In the case of a banking company having a 19 & 20 Gen
share capital, on the application of members holding not less than one-third of the shares issued:
(b) In the case if any other company having
share capital, on the application of members holding not less than one-tenth of the shares issued:
(c) In the case of a company not having a share capital, on the application of not less than one. fifth in number of the persons on the com- pany's register of members.