Cooperative Credit Associations Act

Marginal note:Statement of auditor

• 305 (1) An auditor of an association who

  • (a) resigns,

  • (b) receives a notice or otherwise learns of a meeting of members called for the purpose of revoking the appointment of the auditor, or

  • (c) receives a notice or otherwise learns of a meeting of directors or members at which another person is to be appointed in the auditor’s stead, whether because of the auditor’s resignation or revocation of appointment or because the auditor’s term of office has expired or is about to expire,

  shall submit to the association and the Superintendent a written statement giving the reasons for the resignation or the reasons why the auditor opposes any proposed action.

• Marginal note:Statement to be sent

  (2) Where an association receives a written statement referred to in subsection (1) that relates to a resignation as a result of a disagreement with the directors or officers of the association or that relates to a matter referred to in paragraph (1)(b) or (c), the association shall forthwith send a copy of the statement to each member.