30.—(1) A person is ineligible for appointment as company auditor of a company if he is—
(a)an officer or employee of the company, or
(b)a partner or employee of such a person, or a partnership of which such a person is a partner,
or if he is ineligible by virtue of sub-paragraph (a) or (b) for appointment as company auditor of any associated undertaking of the company.
For this purpose an auditor of a company shall not be regarded as an officer or employee of the company.
(2) A person is also ineligible for appointment as company auditor of a company if there exists between him or any associate of his and the company or any associated undertaking a connection of any such description as may be specified by regulations made by the Department.
(3) In this Article “associated undertaking”, in relation to a company, means—
(a)a parent undertaking or subsidiary undertaking of the company, or
(b)a subsidiary undertaking of any parent undertaking of the company.
(4) Regulations under this Article shall be subject to negative resolution.