(1) ASIC may appoint an auditor of a public company, or of a proprietary company that has one or more CSF shareholders, if:
(a) the company or its directors fail to appoint an auditor when required by this Act to do so; and
(b) a member of the company applies to ASIC in writing for the appointment of an auditor under this section.
This subsection has effect subject to section 327G.
(2) Subject to this Part, an auditor appointed under this section holds office until:
(a) for a proprietary company--the company's next general meeting; or
(b) for a public company--the company's next AGM.