• 3 Marks

BL – May 2013 – L1 – SB – Q5C – Company Law

Discuss what happens if no auditors are appointed at the AGM.

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

What happens if, at an Annual General Meeting, no auditors were appointed or re-appointed?

If no auditors are appointed or re-appointed at an Annual General Meeting (AGM), the directors of the company will appoint an auditor within 28 days after the AGM to fill the vacancy. If the directors fail to do so, the members of the company can appoint an auditor in a general meeting called specifically for that purpose.

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