Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 325

Appointment of auditor by proprietary company

  (1)   The directors of a proprietary company may appoint an auditor for the company if an auditor has not been appointed by the company in general meeting.

  (2)   The directors of a proprietary company must ensure that there is an auditor for the company at all times during the period:

  (a)   starting 1 month after:

  (i)   the time the company first raises a total equal to or exceeding the CSF audit threshold from all the CSF offers it has ever made; or

  (ii)   if the period starting because of subparagraph   (i), or because of an earlier operation of this subparagraph, has ended--the time the company makes a later CSF offer; and

  (b)   when the company ceases to have any CSF shareholders at a later time in a particular financial year--ending when the company's financial report for that financial year has been audited.

  (3)   However, subsection   (2) does not apply for any period of 1 month or less starting when a vacancy occurs in the office of auditor of the company (however that vacancy is caused).

  (4)   A director of a company must take all reasonable steps to comply with, or to secure compliance with, subsection   (2).


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