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.