(1) A notice served on a credit union under section 118 by a resigning auditor which contains a statement falling within subsection (3) (b) of that section may also requisition the convening, by the directors of the credit union, of a general meeting of the credit union for the purpose of receiving and considering such account and explanation of the circumstances connected with his resignation from the office of auditor to the credit union as the auditor may wish to give to the meeting.

(2) Where an auditor makes a requisition under subsection (1), the directors of the credit union shall, within 14 days of the service on the credit union of the notice containing the requisition, proceed duly to convene a general meeting of the credit union for a day not more than 28 days after the service of that notice.

(3) Subject to subsection (4), where -

(a) a notice served on a credit union under section 118 contains a statement falling within subsection (3) (b) of that section, and

(b) the auditor concerned requests the credit union to circulate to its members -