C2Part 16Audit

Annotations:
Modifications etc. (not altering text)

Chapter 2Appointment of auditors

Public companies

C1490Appointment of auditors of public company: default power of Secretary of State

1

If a public company fails to appoint an auditor or auditors in accordance with section 489, the Secretary of State may appoint one or more persons to fill the vacancy.

2

Where subsection (2) of that section applies and the company fails to make the necessary appointment before the end of the accounts meeting, the company must within one week of the end of that meeting give notice to the Secretary of State of his power having become exercisable.

3

If a company fails to give the notice required by this section, an offence is committed by—

a

the company, and

b

every officer of the company who is in default.

4

A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.