87. The accounts of the Company shall be examined, and the correctness of the balance-sheet ascertained, by an auditor or auditors, to be elected by the Company in general meeting.

88. If only one auditor is appointed, all the provisions herein contained relative to auditors shall apply to him.

89. The auditors need not, but may be shareholders in the Company, and no Director, manager, or other officer of the Company, shall be eligible as auditor during his tenure of office, or within one year after the determination thereof.

90. The election of auditors shall be made by the Company at the first ordinary general meetingin each year ensuing the incorporation

91. The remuneration of the auditors for the first year shall be fixed by the Directors, and afterwards by the Company in general meeting.

92. An auditor shall be re-eligible on his quitting office.

93. If no election of auditor is made in manner aforesaid, or if an occasional vacancy in the office should occur, an auditor or auditors may be temporarily appointed by the Directors.

94. Every auditor shall be supplied with a copy of the balance-sheet, and it shall he his duty to examine the same with the accounts and vouchers relating thereto.

95. Every auditor shall, at all reasonable times, have access to all the books and accounts and securities of the Company, and the assistance of the Company's clerks in examining them.

96. The auditors shall make a report to the shareholders upon the balance-sheet and accounts, and their report shall be read, together with the report of the Directors, at the ordinary meeting.

97. The Directors, or the Company by resolution of a general meeting, may direct that there shall be a local auditor, or local auditors, of the accounts of the Company, in respect of any office or offices of the page 37 Company, within or beyond the Colony of New Zealand, and may appoint such auditor or auditors, and save as the resolution shall otherwise direct, the provision herein before contained with respect to auditors of the Company shall apply to the auditors under any such resolution.