Commonwealth Consolidated Acts

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Appointment of auditor by proprietary company

             (1)  The directors of a proprietary company may appoint an auditor for the company if an auditor has not been appointed by the company in general meeting.

             (2)  The directors of a proprietary company must ensure that there is an auditor for the company at all times during the period:

                     (a)  starting 1 month after:

                              (i)  the time the company first raises a total equal to or exceeding the CSF audit threshold from all the CSF offers it has ever made; or

                             (ii)  if the period starting because of subparagraph (i), or because of an earlier operation of this subparagraph, has ended--the time the company makes a later CSF offer; and

                     (b)  when the company ceases to have any CSF shareholders at a later time in a particular financial year--ending when the company's financial report for that financial year has been audited.

             (3)  However, subsection (2) does not apply for any period of 1 month or less starting when a vacancy occurs in the office of auditor of the company (however that vacancy is caused).

             (4)  A director of a company must take all reasonable steps to comply with, or to secure compliance with, subsection (2).

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