4.—(1) Every company must appoint an auditor or auditors in accordance with this paragraph.
(2) A company must, at each general meeting at which the company’s annual report is laid, appoint an auditor or auditors to hold office from the conclusion of that meeting until the conclusion of the next general meeting at which an annual report is laid.
(3) The first auditors of a company may be appointed by the directors of the company at any time before the first general meeting of the company at which an annual report is laid; and auditors so appointed are to hold office until the conclusion of that meeting.
(4) Where no appointment is made under sub-paragraph (3), the first auditors of any company may be appointed by the company in general meeting.
(5) No rules made under section 340 of the Act (appointment of auditors) apply in relation to open-ended investment companies.