Audit.

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

97. If not more than one auditor is appointed, all the provisions herein contained relating to auditors shall apply to him.

98. The auditors need not, but may be, shareholders in the Company. No person is eligible as an auditor who is interested otherwise than as a shareholder in any transaction of the Company, and no Director or other officer of the Company is eligible during his continuance in office.

99. The election of auditors shall be made by the Company at the first general meeting, after the incorporation of the Company, and afterwards at the ordinary general meeting. Until the first of such meetings if necessary, and in any case of failure to appoint auditors in manner herein, abovementioned, or if an occasional vacancy in the office shall occur, an auditor or auditors may be appointed by the Board.

100. The remuneration of the auditors shall be fixed by the Company from time to time as may be necessary.

101. Any auditor on quitting office shall be forthwith eligible for re-election.

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

103. Every auditor shall have a list delivered to him of all books kept by the Company, and he shall at all reasonable times have access to the books, accounts, and securities of the Company. He may in relation to such acounts examine the Directors or any other officer of the Company.

104. The auditors shall make a report to the shareholders upon the statement of income and expenditure, balance sheet and accounts, and in every such report they shall state whether in their opinion such statement, balance-sheet, and accounts contain the particulars required by these regulations, and are properly drawn up so as to exhibit a true and correct view of the state of the Company's affairs; page break and in case they have called for explanations or information from the Directors whether such explanations or information have been given by the Directors and whether they have been satisfactory, and such report shall be read together with the report of the Directors at the ordinary meeting. It shall also be the duty of the Auditors to examine the securities and deeds held by the Company and they shall add to their report a statement of the result of such examination.