Section 29: Rights and duties of auditors

29. Rights and duties of auditors.___(1) Every auditor shall be supplied with a copy of the annual balance sheet and statement of profit and loss and it shall be his duty to examine the same, with the accounts and vouchers relating thereto. Every auditor shall have list livered to him of all books kept by the Bank, and shall at all reasonable times have access to the books, accounts and other documents of the Bank, and may, at the expense of the Bank if appointed by it, and at the expense of the 1[Federal Government] if appointed by it, employ accountants or other persons to assist him in investigating such accounts, and may, in relation to Such accounts examine any Director, or any Member or any other officer of the Bank. (2) The auditors shall make a report to the shareholders or to the 2[Federal Government] as the case may be, upon the annual balance sheet, the statement of profit and loss and accounts, and in every such report they shall state whether, in their opinion, the balance sheet and the statement of profit and loss are full and fair statements containing the prescribed particulars and properly drawn up so as to exhibit a true and correct view of the state of the Bank's affairs, and in case they have called for any explanation or information from the Central Board or a Local Board, whether it has been given and whether it is satisfactory. Any such report made to the shareholders shall be read together with the report of the Central Board at the general meeting.

Effective date: 1949-01-01

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