448. Right Of Members To Require Audit

Past version: effective from 29/04/2020 - 28/04/2020
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(1) The members of a company that would otherwise be entitled to exemption from audit under any of the provisions mentioned in section 447(1) (exemptions from audit of annual accounts) may by notice under this section require it to obtain an audit of its accounts for a financial year.
(2) The notice must be given by–
(a) members holding shares representing not less in total than 10% of the total number of shares or any class of shares issued by the company, or
(b) if the company does not have a share capital, not less than 10% in number of the members of the company.
(3) The notice may not be given before the financial year to which it relates and must be given not later than one month before the end of that year.