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72. Qualifications and disqualifications of auditors. (1) A person shall not be qualified for appointment as an auditor of a multi-State co-operative society unless he is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949). (2) None of the following persons shall be qualified for appointment as auditor of a multi-State co- operative society (a) a body corporate; (b) an officer or employee of the multi-State co-operative society; (c) a person who is a member, or who is in the employment, of an officer or employee or themulti-State co-operative society; (d) a person who is indebted to the multi-State co-operative society or who has given any guarantee or provided any security in connection with the indebtedness of any third person to themulti-State co-operative society for an amount exceeding one thousand rupees. (3) A person shall also not be qualified for appointment as an auditor of a multi-State co-operativesociety if he is, by virtue of sub-section (2), disqualified for appointment as an auditor of any other body corporate or multi-State co-operative society or co-operative society. (4)If an auditor becomes subject, after his appointment, to any of the disqualifications specified insub-sections (2) and (3), he shall be deemed to have vacated his office as such.    |
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