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Appointment, qualification and removal of auditor of trustee savings bank.
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36.—(1) The trustees of a trustee savings bank shall in each financial year of the bank appoint an auditor to audit the accounts of the bank for that year and a retiring auditor shall be eligible for re-appointment under this subsection.
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(2) Notwithstanding any agreement between the trustees of a trustee savings bank and an auditor, and without prejudice to any rights of the auditor in relation to his removal under this Act, the trustees may remove an auditor before his term of office expires and may appoint in his place any other person who is qualified under this Act to be an auditor of a society and of whose nomination due notice has been given to the Central Bank.
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(3) If an auditor is not appointed under subsection (1) to a trustee savings bank within 3 months from the commencement of a financial year of the bank, the Central Bank may appoint and auditor to the bank for that financial year and his remuneration and expenses may be fixed by the Central Bank.
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(4) A person shall not be qualified for appointment as auditor of a trustee savings bank unless he is a member of a body of accountants for the time being recognised by the Minister for Industry and Commerce for the purposes of section 162 of the Act of 1963 or is for the time being authorised by the Minister for Industry and Commerce under paragraph (b) of subsection (1) of that section.
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(5) If an auditor is convicted of an offence arising out of or connected with the performance of his duties, or his conduct, as an auditor, he shall be disqualified for being an auditor of a trustee savings bank.
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(6) A trustee savings bank shall—
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(a) within one week of the Central Bank's power under subsection (3) becoming exercisable, give the Central Bank notice of that fact, and
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(b) where its auditor is removed under subsection (2), give notice of that fact to the Central Bank in such form as may be required by the Central Bank within 14 days of such removal.
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(7) The trustees of a trustee savings bank may fill any casual vacancy in the office of auditor but, while any such vacancy continues, the surviving or continuing auditor or auditors, if any, may act.
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(8) The appointment of a firm by the name of the firm to be the auditor of a trustee savings bank shall be deemed to be an appointment of those persons who from time to time during the period of the appointment are the partners in that firm as from time to time constituted and are qualified to be auditors of the bank.
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(9) Where the Central Bank is of opinion that it would not be in the interest of a trustee savings bank or in the interest of its depositors to appoint or re-appoint to the office of auditor, or to fill a casual vacancy in that office with, a named person, it may direct the trustees accordingly and the direction shall be complied with.
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(10) None of the following persons shall be qualified for being an auditor of a trustee savings bank:
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(a) an officer or employee of the bank,
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(b) a person who is a partner, employer or employee of an officer or employee of the bank,
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(c) a body corporate,
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(d) a person who has been an officer or employee of the bank within a period in respect of which accounts would fall to be audited by him if he were appointed auditor of the bank,
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(e) a spouse (or a person living together with an officer of the bank as a spouse) parent, step-parent, child, step-child, brother, sister, half-brother or half-sister of an officer of the bank,
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(f) a person who is disqualified under the Companies Acts for appointment as auditor of a subsidiary or holding company of the bank or a subsidiary of the bank's holding company.
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(11) A person shall not act as auditor of a trustee savings bank at a time when he is disqualified under this Act for appointment to that office and, if an auditor of a trustee savings bank becomes so disqualified during his term of office as such auditor, he shall thereupon vacate his office and give notice in writing to the bank and to the Central Bank that he has vacated his office by reason of such disqualification.
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(12) A person who contravenes subsection (11) shall be guilty of an offence.
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