(1) If at any time the auditor of a credit union -

(a) has reason to believe that there exist circumstances which are likely to affect materially the credit union's ability to fulfil its obligations to its members or meet any of its obligations under this Act,

(b) has reason to believe that there are material defects in the accounting records, systems of control of the business and records of the credit union,

(c) has reason to believe that there are material inaccuracies in or omissions from any returns made by the credit union to the Bank,

(d) proposes to qualify any report which he is to provide under this Act,

(e) has reason to believe that there are material defects in the system for ensuring the safe custody of all documents of title, deeds and accounting records of the credit union, or

(f) considers that the board of directors have failed to respond to any recommendations made by him,

the auditor shall forthwith report the matter to the Bank in writing.