(1) An auditor of a private company is not deemed to be re-appointed under section 487(2) if the company has received notices under this section from members representing at least the requisite percentage of the total voting rights of all members who would be entitled to vote on a resolution that the auditor should not be re-appointed.
(2) The “requisite percentage” is 5%, or such lower percentage as is specified for this purpose in the company's articles.
(3) A notice under this section—
(a) may be in hard copy or electronic form,
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