(2)The auditor shall have the powers of, exercise the functions vested in, and discharge the duties and be subject to the liabilities and penalties imposed on, auditors of companies by [section 227 of the Companies Act, 1956 (1 of 1956)] [Substituted by Act 95 of 1956, Section 14 and Sch., for " Section 145 of the Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 14.1.1957).], [and auditors, if any, appointed by the law establishing, constituting or forming the banking company concerned.] [Inserted by Act 66 of 1988, Section 9 (w.e.f. 30.12.1988).]
