Appointment of auditors
62. (1) The members of a credit union shall, (a) at their first general meeting appoint one or more auditors to hold office until the close of the first annual meeting and, if the members fail to do so, the board of directors shall forthwith make such appointment or appointments; and (b) at each annual meeting appoint one or more auditors to hold office until the close of the next annual meeting and, if an appointment is not so made, the auditor in office continues in office until a successor is appointed. R.S.O. 1980, c.102, s.62(1); 1983, c.46, s.3(1). Casual vacancy (2) The board of directors may fill any casual vacancy in the office of auditor, but, while such vacancy continues, the surviving or continuing auditor, if any, may act. Removal of auditors (3) The members may, by resolution passed by a majority of the votes cast at a general meeting duly called for the purpose, remove an auditor before the expiration of the auditor’s term of office, and shall by a majority of the votes cast at that meeting appoint another auditor in his or her stead for the remainder of the auditor’s term. Notice to auditor (4) Before calling a general meeting for the purpose specified in subsection (3), the credit union shall, fifteen days or more before the mailing of the notice of the meeting, give to the auditor, (a) written notice of the intention to call the meeting, specifying therein the date on which the notice of the meeting is proposed to be mailed; and (b) a copy of all material proposed to be sent to members in connection with the meeting. Right to make representations (5) The auditor has the right to make to the credit union three days or more before the mailing of the notice of the meeting, representations in writing concerning his or her proposed removal as auditor, and the credit union, at its expense, shall forward with the notice of the meeting a copy of such representations to each member entitled to receive notice of the meeting. Appointment by the director (6) If for any reason no auditor is appointed under subsection (1), the Director may require that the board of directors appoint one or more auditors to hold office until the close of the next annual meeting and the board shall establish the remuneration to be paid by the credit union for the services of the auditor or auditors. Notice of appointment (7) The credit union shall give notice in writing to an auditor of the auditor’s appointment forthwith after the appointment is made. Notice of intention (8) A person, other than an incumbent auditor, may not be appointed auditor at an annual meeting unless notice of an intention to nominate that person to the office of auditor has been given by a member to the credit union not less than fifteen days before the mailing of the notice of the meeting at which the auditor is to be appointed, and, where such notice is given, the credit union shall send a copy of the notice to the incumbent auditor and to the person whom it is intended to nominate and shall give notice thereof to the members of the credit union. Right to make representations (9) The incumbent auditor has the right to make to the credit union, three days or more before the mailing of the notice of the meeting representations in writing concerning the proposal not to reappoint him or her as auditor, and the credit union, at its expense, shall forward with the notice of the meeting, a copy of such representations to each member entitled to receive notice of the meeting. R.S.O. 1980, c.102, s.62(3-10).