Public limited companies that do not raise capital through public offerings are required to appoint one auditor and one alternate.
Public limited companies that raise capital through public offerings are required to appoint at least two (2) auditors and two (2) alternates.
The first auditor and his alternate shall be appointed in the articles of association or by the organization meeting.
During the life of the company, the auditor and his alternate shall be appointed by the ordinary general meeting.
The term of office for the auditor appointed in the articles of association or by the organization meeting shall be two (2) two fiscal years.
Where he is appointed by the ordinary general meeting, the auditor shall hold office during six (6) fiscal years.
The duties of the auditor shall end at the end of the general meeting that reviews either the accounts of the second fiscal year when he was appointed in the articles of association, or by the organization meeting, or of the sixth fiscal year when he was appointed by the ordinary general meeting.
The auditor appointed by the meeting of shareholders in replacement of another shall remain in office only until the expiration of the term of his predecessor.
Where, at the expiration of the mandate of the auditor, a proposal is tabled at the meeting not to renew his mandate, the auditor may, at his request, be heard by the meeting.
Where the meeting fails to elect an incumbent auditor or his alternate, any shareholder may apply for interim measures to the competent court for the appointment of an incumbent auditor or his alternate -, the chairman of the board of directors, the chief executive officer, or the general director being duly summoned to the proceedings.
The mandate thus conferred shall end when the general meeting appoints an auditor.
Where the general meeting fails to renew the mandate of an auditor or replace him upon expiration of his mandate and, except for express refusal of the auditor, his assignment shall be extended until the next annual ordinary general meeting.