88. 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 thereto.

89. 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 and accounts of the Company He may at the expense of the Company employ accountants or other persons to assist him in investigating such accounts and he may in relation to such accounts examine the Directors Local Directors or any other officer of the Company.

90. The Auditors shall make a report to the Shareholders upon the Balance Sheet and accounts and in every such report they shall state whether in their opinion the Balance Sheet is a full and fair Balance Sheet containing the particulars required by these regulations and properly drawn up so as to exhibit a true and correct view of the state of the Company's affairs 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 general meeting.

91. Auditors shall be appointed at the general meeting to be holden during the month of August in the year one thousand eight hundred and seventy-seven and at every subsequent general annual meeting and in case any present or future Auditor shall refuse to act die or resign or be removed from office or become disqualified to act therein then and so often as the same may happen a new Auditor may be appointed in his place by any ordinary meeting or by any special general meeting to be convened for the purpose and if from any cause it shall happen that the yearly appointment of Auditors shall be omitted at the ordinary general meeting as aforesaid then the appointment of Auditors shall be made or shall take place at some subsequent special general meeting and the existing Auditors for the time being shall remain in office until successors to them shall be appointed as aforesaid Provided always that any Auditor going out of office and not otherwise disqualified for office shall be re-eligible The first and present Auditors of the Company shall be William Hort Levin merchant and Edward Reeves merchant both of Wellington and they shall hold office until the general annual meeting to be held in the month of August 1877.

92. In case any Auditor of the Company shall die or reside out of the Province of Wellington for the space of three calendar months or shall resign or shall refuse neglect or become incapable to act in or shall improperly conduct himself in or about page 33 the affairs of the Company or shall become bankrupt or shall have his estate sequestrated or liquidated for the benefit of his creditors or shall make any assignment for the benefit of his creditors generally or suspend payment or compromise with his creditors or shall be declared a lunatic or shall be convicted of felony or misdemeanor then and in every or any such case and so often as the same shall happen it shall be lawful for the Shareholders at any special general meeting to remove such parson if alive from his office and at the same meeting the Shareholders shall appoint in his stead some fit person as Auditor and such succeeding Auditor shall fill the office to which he shall be so appointed thenceforth during the remainder of the term of office of the person in whose place he shall so succeed and shall retire from office at the time when such person if continuing in office would have retired and in his stead.

93. Any Auditor for the time being of the Company may resign his office or may be removed from office by a vote of any ordinary meeting or of any special general meeting convened for the purpose and no Auditor shall be in partnership with any Director or Local Director of the Company (other than as shareholder in any joint stock company) and no Director Local Director Secretary Trustee or other officer of the Company shall be eligible or competent to act in the office of Auditor and an Auditor who shall he elected or appointed to be a Director Local Director Secretary Trustee or other officer or shall enter info partnership with any Director or Local Director other than as aforesaid shall immediately upon such election or appointment or partnership cease to be an Auditor of the Company.

94. Within three weeks next before every general annual or half-yearly meeting the Auditors for the time being shall fully examine into the state of the accounts and affairs of the Company and shall make a just true and faithful report thereon which shall be submitted by them to the Board of Directors one week previously to such meeting and shall be by the Board of Directors submitted to the Shareholders at every such meeting.