Section Provisions
THE BANK OF PUNJAB ACT, 1989 THE BANK OF PUNJAB ACT, 1989 21. Auditors. (1) Not more than two auditors who shall be Chartered Accountants shall be elected and their remuneration fixed at the general meeting. The auditors may be shareholders, but no Director or other officer of the Bank shall be eligible during his continuance in office. Any auditors shall be eligible on quitting office for re-election. [Subs. for, "Registered", by The Bank of Punjab (Amendment) Act, 8 of 1991, S.] (2) The first auditors of the Bank may be appointed anal their remuneration fixed by the Board before the general meeting and if so appointed shall hold office only until the first general meeting. All auditors elected under this Section shall severally be and continue to act as auditors until the first general meeting after their respective ejections; Provided that if any casual vacancy occurs in the office of any auditor elected under this Section, the vacancy may be filed by the Board.