Transport Act, 1944

Auditors.

29.—(1) For the period commencing on the establishment date and ending on the date of the first ordinary meeting of the Company the auditors shall be nominated by the directors of the Company.

(2) The Company shall at each ordinary meeting appoint the auditor or auditors and the auditor or auditors so appointed at any ordinary meeting shall hold office until the next ordinary meeting of the Company.

(3) If no auditor or auditors are appointed at an ordinary meeting of the Company, the Minister may, on the application of any common stockholder, appoint an auditor to hold office until the next ordinary meeting of the Company and fix the remuneration to be paid to him by the Company.

(4) A director or officer of the Company shall not be eligible for election as auditor.

(5) No person (other than a retiring auditor) shall be appointed an auditor at an ordinary meeting of the Company unless notice of intention to nominate that person has been given by a common stockholder not less than twenty-one days before the meeting and a copy of the notice has been given by the Company to the retiring auditors and to the common stockholders of the Company not less than seven days before the meeting.