# Building Societies Act 1986, Paragraph 1

Extent: E+W+S+N.I.

(1) The first auditor of a building society may be appointed by the directors at any time before the first general meeting of the building society following the end of the society’s first financial year and an auditor so appointed shall hold office until the conclusion of that meeting.
(2) If the directors fail to exercise their powers under sub-paragraph (1) above those powers may be exercised by the building society in general meeting.

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Source: https://www.legislation.gov.uk/ukpga/1986/53/schedule/11/paragraph/1 (the official version)
Page: https://openlegislation.uk/building-societies-act-1986/schedule-11/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.