Corporations Act 2001
Div 6 heading inserted by No 103 of 2004, s 3, Sch 1, Pt 3 [ 95] (effective 1 July 2004).
Subdiv A heading inserted by No 103 of 2004, s 3, Sch 1, Pt 3 [ 95].
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.
S 325(1) formerly s 325 amended by No 106 of 2018, s 3, Sch 1 [ 30] (effective 19 October 2018).
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.
S 325(2) inserted by No 106 of 2018, s 3, Sch 1 [ 31] (effective 19 October 2018).
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).
S 325(3) inserted by No 106 of 2018, s 3, Sch 1 [ 31] (effective 19 October 2018).
A director of a company must take all reasonable steps to comply with, or to secure compliance with, subsection (2).
S 325(4) inserted by No 106 of 2018, s 3, Sch 1 [ 31] (effective 19 October 2018).
[ CCH Note: There is no section 326.]
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