Section 111 : Appointment of auditor

1) The auditor of accompany shall be appointed, from amongst the auditors licensed to carry out audit under the prevailing law, by the general meting, subject to Chapter-18 ,in the case of a public company, and, in accordance with the provision as contained in the memorandum of association, articles of association or consensus agreement, any failing such provision, by the general meeting, in the case of a private company; and his/her name shall be forwarded to the Office within fifteen days from the date of such appointment.

Provided, however, that the board of directors may appoint the auditor prior to the holding of the first annual general meeting.

2) The auditor appointed pursuant to Sub-section (1) shall hold office only until the next annual general meeting.

3) No auditor or his/her partner or ex-partner or employee or ex-employee shall be appointed as auditor for more than three consecutive terms to perform the audit of a public company.

Provided, however, that this restriction shall not apply to any partner who ended partnership or any employee who left the service of such auditor three years before.