CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1216 Removal and resignation of auditors

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1216

1216. (1) A futures broker may, with the consent of the Commission, remove an
auditor of the broker from office.

(2) An auditor of a futures broker may, by notice in writing given to the
broker, resign as auditor of the broker if:

   (a)  the auditor has, by notice in writing given to the Commission, applied
        for consent to the resignation and, at or about the same time as the
        notice was given to the Commission, notified the broker in writing of
        the application to the Commission; and

   (b)  the auditor has received the consent of the Commission.

(3) The Commission shall, as soon as practicable after receiving a notice from
an auditor under subsection (2), notify the auditor and the futures broker
whether it consents to the resignation of the auditor.

(4) A statement made by an auditor in an application to the Commission under
subsection (2) or in answer to an inquiry by the Commission relating to the
reasons for the application:

   (a)  is not admissible in evidence in any civil or criminal proceedings
        against the auditor other than proceedings for an offence against
        section  1308 ; and

   (b)  may not be made the ground of a prosecution (other than a prosecution
        for an offence against section 1308), action or suit against the
        auditor; and a certificate by the Commission that the statement was
        made in the application or in answer to an inquiry by the Commission
        is conclusive evidence that the statement was so made.

(5) Subject to subsection (6), the resignation of an auditor takes effect:

   (a)  on the date (if any) specified for the purpose in the notice of
        resignation;

   (b)  on the date on which the Commission gives its consent to the
        resignation; or

   (c)  on the date (if any) fixed by the Commission for the purpose;
        whichever last occurs.

(6) Where, on the retirement or withdrawal from a firm of a member, the firm
will no longer be capable, by reason of the provisions of paragraph 1215 (3)
(d), of acting as auditor of a futures broker, the member so retiring or
withdrawing shall, if not disqualified from acting as auditor of the broker,
be deemed to be the auditor of the broker until the member obtains the consent
of the Commission to the retirement or withdrawal.

(7) This section does not apply in relation to a body corporate (other than an
exempt proprietary company) in relation to which section 329 applies.