(1) A person who was elected (or appointed) to audit the annual accounts of a credit union for a financial year and who continues to be qualified under this Act to be an auditor of a credit union shall be eligible for re-election (or election) as auditor of the credit union for the following financial year unless -
(a) he has given to the credit union notice in writing of his unwillingness to be re-elected (or elected); or
(b) he is ineligible for election as auditor of the credit union for that financial year; or
(c) he has ceased to act as auditor of the credit union by reason of incapacity; or
(d) the Bank has made an order under section 113(9) prohibiting his election or re-election as auditor of the credit union.
(2) For the purposes of subsection (1), a person is ineligible for election as auditor of a credit union for a particular financial year if, at the date of the general meeting at which an auditor would be elected for that financial year, he is, by virtue of section 114(2)
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