SCHEDULES
C1 SCHEDULE 11F1 Auditors: Appointment, Tenure...
Sch. 11 excluded by S.I. 1986/2168, art. 12(a)
Removal of auditors
6ZAF2Application to court to remove auditor from office
1
The competent authority may apply to the High Court for an order removing an auditor of a building society from office if the authority considers that there are proper grounds for removing the auditor from office.
2
The members of a building society may apply to the High Court for an order removing an auditor of the building society from office if the applicant or applicants consider that there are proper grounds for removing the auditor from office.
3
If the court is satisfied, on hearing an application under sub-paragraph (1), that there are proper grounds for removing the auditor from office, it may make an order removing the auditor from office.
4
If the court is satisfied, on hearing an application under sub-paragraph (2), that—
a
the applicants represent in total—
i
not less than 5% of the voting rights of all the members having a right to vote at a general meeting of the building society, or
ii
not less than 5% in nominal value of the amount standing to the credit of shares in a building society as shown by the latest balance sheet, and
b
there are proper grounds for removing the auditor from office,
the court may make an order removing the auditor from office.
5
For the purposes of this paragraph, divergence of opinions on accounting treatments or audit procedures are not to be taken to be proper grounds for removing an auditor from office.
Words in Sch. 11 heading omitted (6.4.2008) by virtue of The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 14(a), Sch. 2 (with arts. 6, 11, 12)