Clause 43

by deleting subsection (1) and substituting the following subsection:“(1) The directors of a company shall, within three months after incorporation of the company, appoint a person or persons to be the auditor or auditors of the company, and any auditor or auditors so appointed shall, subject to this section, hold office until the conclusion of the first annual general meeting.”;

by deleting the words “a company does” in the first line of subsection (10) and substituting the words “the directors do”; and

by inserting, immediately after subsection (16), the following subsection:“(17) If default is made in complying with the provisions of this section, the company and every director of the company shall be guilty of an offence and shall be liable on conviction to a fine not exceeding five thousand dollars.”.