(1) No person may act as statutory auditor of an audited person if he is ineligible for appointment as a statutory auditor.
(2) If at any time during his term of office a statutory auditor becomes ineligible for appointment as a statutory auditor, he must immediately—
(a) resign his office (with immediate effect), and
(b) give notice in writing to the audited person that he has resigned by reason of his becoming ineligible for appointment.
(3) A person is guilty of an offence if—
(a) he acts as a statutory auditor in contravention of subsection (1), or
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