(1)An audit committee must meet once in every calendar year.
(2)The audit committee of a local authority must also meet if—
(a)the local authority resolves that the committee should meet, or
(b)at least one-third of the members of the committee requisition a meeting by one or more notices in writing given to the person who chairs the committee.
(3)It is the duty of the person who chairs an audit committee to secure that meetings of the committee are held as required by subsections (1) and (2).
(4)This section does not prevent an audit committee from meeting otherwise than as required by this section.