114.—F341[(1) A person shall not be qualified for election as auditor of a credit union unless the person is a statutory auditor within the meaning of section 2 of the Companies Act 2014.]

(2) None of the following persons shall be qualified for election as auditor of a credit union—

(a) a person who is or, at any time during the period of three years preceding the meeting at which the election is to be made, has been an officer F342[…] of the credit union;

F343[ (b) a parent, spouse or civil partner, brother, sister or child of an officer of the credit union; or]

(c) a person who is a partner of, or in the employment of, or who employs, an officer F344[…] of the credit union.

(3) Any election made by a credit union in contravention of subsection (1) or subsection (2) shall not be an effective election for the purposes of this Act.

(4) A person shall not act as auditor of a credit union at a time when he is disqualified under this Act or the Companies Acts for election or appointment to that office and, if an auditor of a credit union becomes so disqualified during his term of office, he shall—

(a) thereupon vacate his office; and

(b) give immediate notice in writing to the credit union and to the F345[Bank] that he has vacated his office by reason of the disqualification.

(5) A person who contravenes subsection (4) shall be guilty of an offence.