115.—(1) A person who was elected (or appointed) to audit the annual accounts of a credit union for a financial year and who continues to be qualified under this Act to be an auditor of a credit union shall be eligible for re-election (or election) as auditor of the credit union for the following financial year unless—

(a) he has given to the credit union notice in writing of his unwillingness to be re-elected (or elected); or

(b) he is ineligible for election as auditor of the credit union for that financial year; or

(c) he has ceased to act as auditor of the credit union by reason of incapacity; or

(d) the F347[Bank] has made an order under section 113 (9) prohibiting his election or re-election as auditor of the credit union.

(2) For the purposes of subsection (1), a person is ineligible for election as auditor of a credit union for a particular financial year if, at the date of the general meeting at which an auditor would be elected for that financial year, he is, by virtue of section 114 (2), disqualified for election in relation to that credit union.