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The Pamphlet Collection of Sir Robert Stout: Volume 68



120. Once at least in every year the accounts of the Company shall be examined, and the correctness of the statements and balance-sheet ascertained by one or more Auditor or Auditors.

121. The first Auditor or Auditors shall be appointed by the Directors; subsequent Auditors shall be appointed by the Company at the ordinary meeting in each year. The remuneration of the Auditors be fixed by the Company in general meeting. Any Auditor quitting office shall be eligible for re-election.

122. If one Auditor only is appointed, all the provisions herein contained relating to Auditors shall apply to him.

123. The Auditors may be members of the Company, but no person shall be eligible as an Auditor who is interested otherwise than as a page 20 member of the Company in any transactions thereof, and no Director or other officer shall be eligible as Auditor during his continuance in office.

124. If any casual vacancy occurs in the office of Auditors the Directors shall forthwith fill up the same.

125. The Auditors shall be supplied with copies of the statement of accounts and balance-sheet intended to be laid before the Company in general meeting, seven days at least before the meeting to which the same are to be submitted, and it shall be their duty to examine the same with the accounts and vouchers relating thereto, and to report to the Company in general meeting thereon.

126. The Auditors shall at all reasonable times have access to the books and accounts of the Company, and they may in relation thereto examine the Directors or other officers of the Company.

127. Every account of the Directors, when audited and approved by a general meeting, shall be conclusive, except as regards any error discovered therein within three months next after the approval thereof Whenever any such error is discovered within that period, the accounts shall forthwith be corrected, and thenceforth shall be conclusive.