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(1) An auditor of a bank shall, except as provided in subsection (2) of this section and subsection (2) of section 75 be appointed at an annual general meeting of the bank.

(2) The directors of a bank may appoint

(a) the first auditor of the bank; or

(b) an auditor to act in place of the auditor who is for any reason unable or unwilling to act until a new auditor is appointed at an annual general meeting or until the Bank of Ghana appoints an auditor under section 75(2).

(3) A person shall not be appointed an auditor of a bank unless that person

(a) is a member of the Institute of Chartered Accountants under the Chartered Accountants Act, 1963 (Act 170); or

(b) is not disqualified by a law in force in this country or in any other country from being appointed as an auditor of a body corporate.