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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 1216

Removal and resignation of auditors

(1) A futures broker may, with the consent of ASIC, remove an auditor of the broker from office. (2) An auditor of a futures broker may, by notice in writing given to the broker, resign as auditor of the broker if:

(a)
the auditor has, by notice in writing given to ASIC, applied for consent to the resignation and, at or about the same time as the notice was given to ASIC, notified the broker in writing of the application to ASIC; and

(b)
the auditor has received the consent of ASIC.

(3) ASIC must, as soon as practicable after receiving a notice from an auditor under subsection (2), notify the auditor and the futures broker whether it consents to the resignation of the auditor. (4) A statement made by an auditor in an application to ASIC under subsection (2) or in answer to an inquiry by ASIC relating to the reasons for the application:

(a)
is not admissible in evidence in any civil or criminal proceedings against the auditor other than proceedings for an offence against section 1308; and

(b)
may not be made the ground of a prosecution (other than a prosecution for an offence against section 1308), action or suit against the auditor;

and a certificate by ASIC that the statement was made in the application or in answer to an inquiry by ASIC is conclusive evidence that the statement was so made.

(5) Subject to subsection (6), the resignation of an auditor takes effect:

(a)
on the date (if any) specified for the purpose in the notice of resignation; or

(b)
on the date on which ASIC gives its consent to the resignation; or

(c)
on the date (if any) fixed by ASIC for the purpose;

whichever last occurs.

(6) Where, on the retirement or withdrawal from a firm of a member, the firm will no longer be capable, by reason of the provisions of paragraph 1215(3)(d), of acting as auditor of a futures broker, the member so retiring or withdrawing is, if not disqualified from acting as auditor of the broker, taken to be the auditor of the broker until the member obtains the consent of ASIC to the retirement or withdrawal. (7) This section does not apply in relation to a body corporate (except a proprietary company) in relation to which section 329 applies.


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