Under Section 159 (7) (a) of the Companies Act the auditors remuneration may be fixed:
By the registrar if appointed him.
By directors if appointed them
By the company in general meeting
In such manner as the company in general meeting may determine.
Under Section 159 (3) of the Companies Act where at an annual general meeting no auditors are appointed or are deemed to be reappointed, a vacancy arises.
The company must notify the registrar within 7 days thereof and the registrar may appoint an auditor for the company. Failure to notify the registrar of the failure renders the company and every officer in default liable to a default fine.