Provided that this subsection shall not apply to a private company unless one or more members of that private company is— (a ) a public company, whether incorporated under this Act or the law of a foreign country; or (b ) a private company which is a subsidiary, as determined in terms of section one hundred and forty-three, of a public company referred to in paragraph (a). (2 ) Any member and any debenture holder of the company shall be entitled to be furnished on demand, wit hout charge, with a copy of the last balance sheet of the company, including every document required by law to be annexed thereto, together with a copy of the auditor’s report on the balance sheet unless he shall previously have been supplied therewith. (3 ) If default is made in complying with subsection (1) the company and every officer of the company who is in default shall be guilty of an offence and liable to a fine not exceeding level two , and if, where any person makes a demand for a document to which he is by virtue of subsection (2) entitled, default is made in complying with the demand within fourteen days after the making thereof, the company and any officer of the company who is in default shall be guilty of an offence and liable to a fine not exceeding level two. [Section as amended by Act No. 22 of 2001] 150 Appointment and remuneration of auditors (1 ) The first auditor of a company shall be appointed by the directors within one month of the issue of the certificate that the company is entitled to commence business in the case of a company to which section one hundred and fourteen applies and, in the case of other companies, within one month of the issue of the certificate of incorporation; and an auditor so appointed shall hold office until the conclusion of the first annual general meeting: Provided that— (i) the company may at a general meeting remove any such auditor and appoint in his place any other person who has by special notice been nominated for appointment by any member of the company and of whose nomination notice has been given to the members of the company not less than fourteen days before the date of the meeting; (ii) if the directors fail to exercise their powers under this subsection the company in general meeting may appoint the first auditor and thereupon the said powers of the directors shall cease; (iii) if neither the directors nor the company appoint an auditor under this subsection the Minister may on the application of any member do so. (2 ) Every company shall, at each annual general meeting, appoint an audit or to hold office from the conclusion of that until the conclusion of the next annual general meeting. (3 ) Where at an annual general meeting no auditor is appointed or reappointed, the Minister may appoint a person to fill the vacancy. (4 ) The company shall, within one week of the Minister’s power under subsection (3 ) becoming exercisable, give him notice of that fact and, if a company fails to give notice as required by this subsection, the company and every officer of the company who is in default shall be guilty of an offence and liable to a fine not exceeding level two. (5 ) The directors may fill any casual vacancy in the office of auditor but while any such vacancy continues the surviving or continuing auditor, if any, may act. (6 ) The remuneration of the auditor of a company shall be fixed by the company in general meeting or in such manner as the company in general meeting may determine. For the purposes of this subsection, any sums paid by the company in respect of the auditor’s expenses shall be deemed to be included in the expression “remuneration”. (7 ) A private company shall not be required to appoint an auditor if— (a ) the number of members in such company does not exceed ten; and (b ) none of the members of such company is — (i) a public company, whether incorporated under this Act or the law of a foreign country; or (ii) a private company which is a subsidiary, as determined in terms of section one hundred and forty-three, of a public company referred to in subparagraph (i); and (c) such company is not a subsidiary of a holding company which has itself appointed auditors; and (d ) all the members in such company agree that an auditor shall not be appointed. [Section as amended by Act No. 22 of 2001] 151 Special notice required of resolution to appoint or remove auditor Special notice shall be required for a resolution at a company’s annual general meeting appointing as auditor a person other than a retiring auditor or providing expressly that a retiring auditor shall not be reappointed. 152 Disqualifications for appointment as auditor (1 ) None of the following persons shall be qualified for appointment as auditors of a com pany—