Multi-State Co-operative Societies Act,2002
Act No : 39
Section :
Qualifications and disqualifications of auditors.
72. Qualifications and disqualifications of auditors.-(1) A person shall not be qualified for appointment as an auditor of a multi-State co-operative society unless he is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (3 of 1949). (2) None of the following persons shall be qualified for appointment as auditor of a multi-State co-operative society- (a) a body corporate; (b) an officer or employee of the multi-State co-operative society; (c) a person who is a member, or who is in the employment, of an officer or employee of the multi-State co-operative society; (d) a person who is indebted to the multi-State co-operative society or who has given any guarantee or provided any security in connection with the indebtedness of any third person to the multi-State co-operative society for an amount exceeding one thous nd rupees. (3) A person shall also not be qualified for appointment as an auditor of a multi-State co-operative society if he is, by virtue of sub-section (2), disqualified for appointment as an auditor of any other body corporate or multi-State co-operative societ or co-operative society. (4) If an auditor becomes subject, after his appointment, to any of the disqualifications specified in sub-sections (2) and (3), he shall be deemed to have vacated his office as such.
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