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(1)  An approved trustee of a registered scheme shall

(a) notify the Authority in writing of its inability to appoint an auditor for the scheme within fourteen days after the day on which the appointment is required to be made; and

(b) May apply in writing to the Authority to extend the period within which the trustee is required to appoint an auditor.

(2) The Authority may extend the period for appointment of an auditor of the scheme for a further period of not more than thirty days after receipt of an application, if the Authority is satisfied with the reasons given by the trustee.

(3) Where a trustee fails to appoint an auditor of the scheme the Authority may

(a) appoint one or more persons who consent to be appointed as auditor of the scheme; and

(b) Determine the fees to be paid to the auditor.

(4) The approved trustee of the scheme shall pay the auditor’s fees as determined by the Authority.

(5) An approved trustee who fails to take reasonable steps to comply with a requirement under this regulation commits an offence and is liable on summary conviction to a fine of one thousand, two hundred and fifty penalty units.