Corporations Act 2001
View history note
Hide history noteNote: This Division does not apply in relation to a CCIV. Instead, section 1232R applies a modified version of Division 7 to a retail CCIV.
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.
325(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.
325(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).
325(4)
A director of a company must take all reasonable steps to comply with, or to secure compliance with, subsection (2).
[ CCH Note: There is no section 326.]
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