Budget Implementation Act, 1998

Marginal note:Auditor

• 40 (1) The members, at their first meeting in each fiscal year, shall appoint an auditor for the Foundation for the fiscal year and fix, or authorize the Board to fix, the auditor’s remuneration.

• Marginal note:Qualifications of auditor

  (2) The auditor shall be

  • (a) a natural person who

    • (i) is a member in good standing of an institute or association of accountants incorporated by or under an Act of the legislature of a province,

    • (ii) has at least five years experience at a senior level in carrying out audits,

    • (iii) is ordinarily resident in Canada, and

    • (iv) is independent of the Board, the directors and the officers of the Foundation; or

  • (b) a firm of accountants at least one of the members or employees of which is jointly designated by the Board and the firm to conduct on behalf of the firm the audit of the books and records of the Foundation and who meets the qualifications set out in paragraph (a).

• Marginal note:Continuation of auditor

  (3) If an auditor is not appointed at the first meeting of the members in a fiscal year, the auditor for the preceding fiscal year continues in office until a successor is appointed.

• Marginal note:Removal of auditor

  (4) The members may, by a special resolution of the members, remove an auditor from office.

• Marginal note:Ceasing to hold office

  (5) An auditor ceases to hold office when the auditor

  • (a) dies;

  • (b) resigns; or

  • (c) is removed from office under subsection (4).

• Marginal note:Replacement

  (6) The members, at a meeting of the members, may appoint an auditor to fill any vacancy in the office of the auditor, but if the members fail to fill the vacancy at a meeting, or if no meeting of the members is convened without delay after the vacancy occurs, the Board may appoint an auditor.

• Marginal note:Unexpired term

  (7) An auditor appointed to fill a vacancy in the office holds office for the unexpired term of the predecessor in the office.