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CHAPTER 18
Appointment of statutory auditors
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Statutory auditors — general provisions (including as to the interpretation of provisions providing for auditors' term of office)
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380. (1) One or more statutory auditors shall be appointed in accordance with this Chapter for each financial year of the company.
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(2) For convenience of expression (but save in certain instances where use of the singular form is more appropriate) the plural form — “statutory auditors” — is used throughout this Part irrespective of the fact that a single statutory auditor has been or is to be so appointed.
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(3) A reference elsewhere in this Act to statutory auditors shall be read accordingly.
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(4) The appointment of a firm (not being a body corporate) by its firm name to be the statutory auditors of a company shall be deemed to be an appointment of those persons who are—
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(a) from time to time during the currency of the appointment the partners in that firm as from time to time constituted, and
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(b) qualified to be statutory auditors of that company.
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(5) Any—
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(a) reference in this Chapter to a person being appointed statutory auditor of a company to hold office until the conclusion of the next annual general meeting of the company, or
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(b) provision otherwise of this Chapter stating that a person appointed statutory auditor shall hold such office until the conclusion of such a general meeting,
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shall be read as meaning that the person shall hold such office until the conclusion of such a general meeting save where one of the following sooner happens—
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(i) the person's resignation (in accordance with this Part) or death,
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(ii) the termination of the person's office (or his or her removal otherwise from office) pursuant to this Part, or
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(iii) the person's becoming disqualified from holding office by virtue of the European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010.
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