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Appointment of additional auditor by Board of Trade.
Dividend may be declared on certificate of majority of auditors.
30 & 31. Vict. cc. 126, 127.
Auditor dissenting to issue a statement to the shareholders.
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12. With respect to the auditors of the company, the following provisions shall have effect:
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(1.) The Board of Trade may, upon application made in pursuance of a resolution passed at a meeting of the directors or at a general meeting of the company, appoint an auditor in addition to the auditors of such company, and it shall not be necessary for any such auditor to be a shareholder in the company:
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(2.) The company shall pay to such auditor appointed by the Board of Trade such reasonable remuneration as the Board of Trade may prescribe:
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(3.) The auditor so appointed shall have the same duties and powers as the auditors of the company, and shall report to the company:
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(4.) Where, in consequence of such appointment of an auditor or otherwise, there are three or more auditors, the company may declare a dividend if the majority of such auditors certify in manner required by section thirty of the Railway Companies Act, 1867, and the Railway Companies (Scotland) Act, 1867, respectively:
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(5.) Where there is a difference of opinion among such auditors, the auditor who so differs shall issue to the shareholders, at the cost of the company, such statement respecting the grounds on which he differs from his colleagues, and respecting the financial condition and prospects of the company, as he thinks material for the information of the shareholders.
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