Section 115, The Banking Act, 2019

(1) An external auditor of a bank or financial holdingcompany shall cease to act as an external auditor if - (a) the Central Bank requests the bank or financial holding company in writing to revoke the appointment of the external auditor (b) the external auditor or a member of the external auditor's firm or establishment becomes a director of that bank or financial (c) the external auditor resigns by notice in writing to that bank or financial holding (d) the external auditor ceases to qualify under subsection (4) of section 111 for appointment as auditor of a bank or financial holding (e) the external auditor is otherwise removed by a decision taken at an annual general meeting of that bank or financial holding company or (f) the external auditor has served out the maximum period prescribed by the Central Bank for external auditors. (2) A bank or financial holding company shall comply with a request of the Central Bank that the appointment of its external auditor be revoked. (3) An external auditor who does not comply with provisions of this Section commits an offence and is liable on summary conviction to a fine or to a term of imprisonment of not less than one year or both. PART XIV - MISCELLANEOUS