Commonwealth Consolidated Acts

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Public company auditor (initial appointment of auditor)

  (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).

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