(1) An auditor or auditors of a private company hold office in accordance with the terms of their appointment, subject to the requirements that—
(a) they do not take office until any previous auditor or auditors cease to hold office, and
(b) they cease to hold office at the end of the next period for appointing auditors unless re-appointed.
[(1A) . . .
(1B) . . .
(1C) . . .
(1D) . . .
(1E) . . .]
(2) Where no auditor has been appointed by the end of the next period for appointing auditors, any auditor in office immediately before that time is deemed to be re-appointed at that time, unless—
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