1(1)The [F1first auditor] of a building society may be appointed by the directors at any time before the first general meeting of the building society following the end of the society’s first financial year [F2and an auditor] so appointed shall hold office until the conclusion of that meeting.U.K.
(2)If the directors fail to exercise their powers under sub-paragraph (1) above those powers may be exercised by the building society in general meeting.
Textual Amendments
F1Words in Sch. 11 para. 1(1) substituted (29.6.2008) by The Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1519), art. 1(2), Sch. 2 para. 8(a)(i)
F2Words in Sch. 11 para. 1(1) substituted (29.6.2008) by The Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1519), art. 1(2), Sch. 2 para. 8(a)(ii)