The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008

This section has no associated Explanatory Memorandum

6.  After section 5, insert—U.K.

5A.    Prevention by members of automatic re-appointment of auditor

(1) An auditor of a society is not automatically re-appointed under section 5 of this Act if the society has received notices under this section from members representing at least the requisite percentage of the total voting rights of all members who would be entitled to vote on a resolution that the auditor should not be re-appointed.

(2) The “requisite percentage” is 5%, or such lower percentage as is specified for this purpose in the society's rules.

(3) A notice under this section—

(a)may be in hard copy or electronic form,

(b)must be authenticated by the person or persons giving it, and

(c)must be received by the society before the end of the year of account immediately preceding the year of account for which the automatic re-appointment would have effect..