SCHEDULES

SCHEDULE 31Urban Development Corporations: Finance etc.

PART IIIGeneral 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 subparagraph (1) above unless he is qualified for appointment as auditor of a company under section 161 of the [1948 c. 38.] Companies Act 1948.

3

A person shall not be qualified for appointment under subparagraph (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.