PART IV

AUDIT

 

Section 1208.- The auditors may be shareholders of the company ; but no person is eligible as an auditor who is interested otherwise than as a shareholders in any transaction of the company, and no director or other agent or employee of the company is eligible as an auditor during his continuance in office.

 

Section 1209.- The auditors shall be elected every year at an ordinary meeting.

A retiring auditor is eligible for re-election.

 

Section 1210.- The remuneration of the auditors shall be fixed in any general meeting.

 

Section 1211.- If any casual vacancy occurs among the auditors, the directors shall forthwith summon an extraordinary meeting for the purpose of filling the vacancy.

 

Section 1212.- If no election of auditors is made in manner aforesaid, the Court shall, on the application of not less than five shareholders, appoint an auditor for the current year and fix his remuneration.

 

Section 1213.- Every auditor shall at all reasonable time have access to the books and accounts of the company, and with regard to such books and accounts he may examine the directors or any other agents or employees of the company.

 

Section 1214.- The auditors must make a report to the ordinary meeting on the balance-sheet and accounts.

They must state in such report whether in their opinion the balance-sheet is properly drawn up so as to exhibit a true and correct view of the state of the affairs of the company.

 

PART V

INSPECTION

 

Section 1215.- Upon the application of shareholders holding not less than one-fifth part of the shares of the company, the competent Minister shall appoint one or more competent inspectors to examine into the affairs of any limited company and to report thereon.

The Minister, before appointing any such inspector, may require the applicants to give security for payment of the expenses of the inspection.

 

Section 1216.- The directors, employees and agents of the company are bound to produce to the inspectors all books and documents in their custody or power.

Any inspector may examine upon oath the directors, employees and agents of the company in relation to its business.