SCHEDULES

SCHEDULE 31 Urban Development Corporations: Finance etc.

Part III General Accounts etc.

Audit

11

1

The corporation’s accounts and statements of accounts shall be audited by an auditor to be appointed annually by the Secretary of State in relation to the corporation.

2

A person shall not be qualified for appointment under sub-paragraph (1) above unless he is qualified for appointment as auditor of a company under F1section 389 of the M1Companies Act 1985

3

A person shall not be qualified for appointment under sub-paragraph (1) above if the person is—

a

a member, officer or servant of the corporation,

b

a partner of, or employed by, a member, officer or servant of the corporation, or

c

a body corporate.