Section 63: Appointment and Remuneration of Auditor

1) The General Meeting of a bank or financial institution shall appoint an auditor.

2) The General Meeting shall not appoint the same Auditor for more than three consecutive times.

3) While appointing an auditor pursuant to sub-section (1), the General Meeting shall appoint a Chartered Accountant in the case of a licensed bank or financial institution of Class “A” or “B” or “C”, and a Chartered Accountant or a Registered Auditor in the case of a bank or licensed bank or financial institution of Class “D”.

4) In case any bank or financial institution does not or could not appoint an auditor pursuant to sub-section (1), the Rastra Bank may appoint the Auditor.

5) In case the position of Auditor falls vacant for any reason whatsoever, the Board of Directors shall appoint another Auditor for the remaining period.

6) The remuneration of an auditor of a bank or financial institution shall be as determined by the Rastra Bank in case the Auditor has been appointed by the Rastra Bank, as determined by the General Meeting in case the Meeting has appointed, and as determined by the Board of Directors, in case the Board has appointed the Auditor.