Section 72 in The Multi-State Co-Operative Societies Act, 2002
72. Qualifications and disqualifications of auditors.—
(1)A person shall not be qualified for appointment as an auditor of a multi-State co-operative society unless he is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949).(2)None of the following persons shall be qualified for appointment as auditor of a multi-State co-operative society—(a)a body corporate;(b)an officer or employee of the multi-State co-operative society;(c)a person who is a member, or who is in the employment of an officer or employee, of the multi-State co-operative society;(d)a person who is indebted to the multi-State co-operative society or who has given any guarantee or provided any security in connection with the indebtedness of any third person to the multi-State co-operative society for an amount exceeding one thousand rupees.(3)A person shall also not be qualified for appointment as an auditor of a multi-State co-operative society if he is, by virtue of sub-section (2), disqualified for appointment as an auditor of any other body corporate or multi-State co-operative society or co-operative society.(4)If an auditor becomes subject, after his appointment, to any of the disqualifications specified in sub-sections (2) and (3), he shall be deemed to have vacated his office as such.
