Appointment of an Auditor - Casual Vacancy-ACC 311-6-03

Casual Vacancy
a) Any casual vacancy shall be filled by directors. [Sec 252(4)].
b) Auditors so appointed shall hold office till next annual general meeting.[Sec 252(5)]
c) If directors do not appoint auditors to fill casual vacancy within 30 days, Commission may
appoint an auditor.[Sec 252(6)]
Commission’s powers to appoint auditors [252(6)]
The Securities & Exchange Commission of Pakistan may appoint an auditor if the following situations arise: a) First auditors are not appointed within 120 days from incorporation;
b) Subsequent auditors are not appointed in annual general meeting;
c) Casual vacancy is not filled within 30 days; and
d) Auditors appointed are unwilling to act as auditors.
To exercise this power, the company must give notice to Commission within one week of its powers becoming exercisable.

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