(1) The directors of a public company must appoint an auditor of the company within 1 month after the day on which a company is registered as a company unless the company at a general meeting has appointed an auditor.
(1A) Subsection (1) does not apply in relation to a company if:
(a) the directors reasonably believe that subsection 301(3) will apply to the company's financial reports; or
(b) the company is a small company limited by guarantee; or
(c) the company is covered under section 738ZI just after it is registered as a company.
(2) Subject to this Part, an auditor appointed under subsection (1) holds office until the company's first AGM.
(3) A director of a company must take all reasonable steps to comply with, or to secure compliance with, subsection (1).