s 64 Disqualification of auditor
(1) No prescribed institution shall knowingly appoint as its auditor a person, and no person shall knowingly consent to be appointed as an auditor of a prescribed institution by the prescribed institution or by the Bank, if that person— (a) is not an approved company auditor; (b) has any direct or indirect interest in that prescribed institution, including an interest in its shares; (c) is a director, controller or employee of that prescribed institution; (d) is indebted to that prescribed institution or to any related corporation of that prescribed institution; or (e) has been convicted of any offence under this Act or the Companies Act 1965, or of any offence under any other written law involving fraud or dishonesty. (2) (Deleted by Act A1502). (3) Notwithstanding subsection (1), the Bank may approve in writing a person who is disqualified by virtue of subsection (1) to be appointed as an auditor if the Bank is satisfied that it would not be contrary to the interest of the prescribed institution. (4) For the purposes of subsection (1), a person shall be deemed to be an employee of a prescribed institution— (a) if he is an employee of a related corporation of that prescribed institution; or (b) except where the Bank, in the circumstances of the case, otherwise directs, if he has, within the preceding period of twelve months, been an employee or promoter of that prescribed institution or its related corporation. (5) Unless approved by the Bank under subsection (3), an auditor for a prescribed institution who is disqualified under subsection (1) or section 9 of the Companies Act 1965 shall immediately cease to be the auditor of the prescribed institution. (6) (Deleted by Act A1502).