(1) Subject to section 163, the shareholders of a company shall, by ordinary resolution, at the first annual meeting of shareholders and at each succeeding annual meeting, appoint an auditor to hold office until the close of the next annual meeting.
(2) An auditor appointed under section 65(1)(e) is eligible for appointment under subsection (1).
(3) Despite subsection (1), if an auditor is not appointed at a meeting of shareholders, the incumbent auditor continues in office until his or her successor is appointed.
(4) The remuneration of an auditor may be fixed by ordinary resolution of the shareholders, or if not so fixed, it may be fixed by the directors.