Section 19, The Banking Act, 1964

(1) Every bank shall appoint annually auditors, whoshall be professionally qualified persons, whose duties shall be tomake a report to the shareholders, partners or members of suchbank upon the annual balance sheet and accounts, and in eversuch report they shall state whether in their opinion the balancesheet is full and fair and properly drawn up, whether it exhibits a true and correct statement of the bank's affairs and, if the auditore have called for explanations or information from the offcers r agents of the bank, whether this is satisfactory. (2) The report of the auditors shall be read together with the report of the board of management of the bank at the annual meeting of shareholders or members and a copy of it shall be sent to the Central Bank. If any default is made in complying with the requirements of this subsection the defaulting bank shall be guilty of an offence and shallbe liable on conviction to a fine not exceeding five hundred pounds. (3) 1f a bank fails to appoint auditors or appoints only one auditor, the Minister shall have the power to appoint one or two auditors as the case may be. (4) The remuneration of the auditors, whether appointed by the bank or by the Minister shall be paid by the bank, and in the case of an aud1tor or auditors appointed by the Minister shall be fixed by him. (5) No person having any interest in any bank otherwise th¡n as a depositor and no oficer or agent of any bank shall be eligible for appointment as an auditor tO such bank and any person appointed as auditor to any bank who shall after such appointment acquire such interest or become an officer or agent of such bank shall forthwith cease to be such aud1tor. (6) The duties, powers and liabilities imposed and conferred by subsections (1) and (2) of section l6 in relation to examiners appointed under sections 14 and 15 are hereby imposed and con ferred also in relation to auditors. PART IV-PoWERS OF THE CENTRAL BANK