Commonwealth Consolidated Acts

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Public company auditor (appointment of auditor when $3 million raised using crowd-sourced funding)

             (1)  If the directors of a public company that is covered under section 738ZI become aware that the company has raised $3 million or more from all CSF offers, the directors of the company must appoint an auditor of the company within 1 month after becoming so aware, unless the company at a general meeting has appointed an auditor.

             (2)  An auditor appointed under subsection (1) holds office in accordance with section 328E.

             (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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