SCHEDULES
SCHEDULE 14 Auditors: Appointment, Tenure, Qualifications and Remuneration
Effect of ineligibility
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1
No person shall act as an auditor under this Act if he is ineligible for appointment to the office.
2
If during his term of office an auditor appointed under this Schedule become ineligible for appointment to the office, he shall thereupon vacate office and shall forthwith give notice in writing to the society concerned that he has vacated it by reason of ineligibility.
3
A person who acts as auditor under this Act in contravention of sub-paragraph (1) above, or fails to give notice of vacating his office as required by sub-paragraph (2) above, is guilty of an offence and liable—
a
on conviction on indictment, to a fine; and
b
on summary conviction, to a fine not exceeding the statutory maximum and, in the case of a continuing offence, to an additional fine not exceeding F1one-tenth of the statutory maximumF1one-tenth of the greater of £5,000 or the amount corresponding to level 4 on the standard scale for summary offences for every day during which the offence continues.
4
In proceedings against a person for an offence under this paragraph it is a defence for him to show that he did not know and had no reason to believe that he was, or had become, ineligible for appointment.