(1) Whenever by reason of -
(a) circumstances referred to in section 32(1) (ii) arising in the financial year concerned the exemption ceases to have effect in relation to a company in respect of that year, or
(b) circumstances otherwise arising a company is not entitled to the exemption in respect of the financial year concerned,
it shall be the duty of the directors of the company to appoint an auditor of the company as soon as may be after those circumstances arise and such an appointment may be made by the directors notwithstanding the provisions of section 160 of the Principal Act.
(2) An auditor appointed pursuant to subsection (1) shall hold office until the conclusion of the next meeting of the company held after his or her appointment at which accounts are required to be laid.
(3) If the directors of the company fail to carry out their duty under subsection (1), the company in general meeting may appoint an auditor to the company and subsection (2) shall apply to an audito