Article 83 - Appointment and Removal of Auditor

(1) An Investment Club must appoint one or more auditors or a firm of auditors who must examine and report on the Investment Club's accounts in accordance with these Regulations. Except as provided for in Article 83(6) and Article 85(4) the Investment Club must give notice in writing to the CRO within 21 days of the first appointment and any subsequent change in auditor on the Prescribed Form together with the Prescribed Fee.
(2) No person shall be appointed as auditor of an Investment Club who is an Officer or employee of that Investment Club or of an Affiliated Company or who is a partner, employer or employee of any such Officer or employee.
(3) The directors of an Investment Club must appoint the auditor of that Investment Club for its first financial year. In subsequent financial years, an Investment Club must at its annual general meeting appoint an auditor to hold office from the conclusion of that meeting to the conclusion of the next annual general meeting. The directors or the Members of the Investment Club in general meeting may fill any vacancy in the office of auditor. While such a vacancy continues, any surviving or continuing auditor may continue to act.
(4) Where for any reason no auditor is appointed, the CRO may, on the application of any Member, appoint one or more auditors to hold office until the close of the next annual general meeting.
(5) Notwithstanding any agreement but without prejudice to the auditors' rights to compensation or damages, any auditor of an Investment Club may be removed by an Ordinary Resolution.
(6) The Investment Club must as soon as reasonably practicable and in any event not later than 7 days after the passing of the Ordinary Resolution referred to in Article 83(5) file a copy of the Ordinary Resolution with the CRO in the Prescribed Form together with the Prescribed Fee.
Derived (as from 20th December 2016).