(1) An auditor of a credit union may, by a notice in writing which complies with subsection (3), is served on the credit union and states his intention to do so, resign from the office of auditor to the credit union, and the resignation shall take effect on such date as may be specified in the notice, being not less than 28 days after the notice is served.

(2) A copy of a notice under subsection (1) shall be sent by the auditor to the Bank at the same time as it is served on the credit union.

(3) A notice under subsection (1) shall contain either -

(a) a statement to the effect that there are no circumstances connected with the resignation to which it relates that the auditor concerned considers should be brought to the notice of the members or creditors of the credit union; or

(b) a statement of any such circumstances.

(4) Subject to subsection (5), where a notice under subsection (1) is served on a credit union and the notice contains a statement falling within subsection (3)(b), the credit union shall, not later than 14 days after the date of that service, send a copy of the notice to every person who is entitled to notice of a general meeting of the credit union.