Chapter:	155	Title:	Banking Ordinance	Gazette Number:	E.R. 1 of 2013
Section:	59A	Heading:	Notification in respect of auditors	Version Date:	25/04/2013

(1) An authorized institution incorporated in Hong Kong shall immediately give written notice to the Monetary Authority if-

(a) the institution-
(i) proposes to give notice to its members of an ordinary resolution removing an auditor before the expiration of his term of office; or (Amended 49 of 1995 s. 18)
(ii) gives notice to its members of an ordinary resolution replacing an auditor at the expiration of his term of office; or (Amended 49 of 1995 s. 18)
(b) a person ceases to be an auditor of the institution otherwise than in consequence of such a resolution.

(a) resigns before the expiration of his term of office;
(b) does not seek to be re-appointed; or
(c) decides to include in his report on the institution's accounts any qualification or adverse statement as to a matter mentioned in section 141 of the Companies Ordinance (Cap 32).

(a) on conviction upon indictment to a fine at tier 7 and to imprisonment for 2 years and to a further fine at tier 3 for every day for which the institution fails to give the notice required under that subsection to the Monetary Authority; or
(b) on summary conviction to a fine at tier 5 and to imprisonment for 6 months and to a further fine at tier 2 for every day for which the institution fails to give the notice required under that subsection to the Monetary Authority. (Amended 4 of 1997 s. 27)