Section 16

There shall be an auditor or auditors of the Corporation. The first auditors shall be Rennie Lowick & Company who shall hold office until the annual meeting to be held in the year 1935. Future auditors shall be appointed with their consent either at a salary or not by the members of the Corporation at the annual meeting in each year and shall hold office for one year. A retiring auditor may be re‑elected, and if a vacancy occurs in the office of auditor between 2 annual meetings a person shall be appointed by the Board to fill the post during the remainder of the year.