125. (1) An ICAV shall, at each annual general meeting appoint an auditor or auditors to hold office from the conclusion of that meeting until the conclusion of the next annual general meeting.

(2) The first auditors of an ICAV may be appointed by the directors of the ICAV at any time before the first annual general meeting of the ICAV and auditors so appointed are to hold office until the conclusion of that meeting.

(3) Where no appointment is made under subsection (2), the first auditors of any ICAV may be appointed by the ICAV in general meeting.

(4) On the date on which the holding of an annual general meeting is dispensed with in accordance with section 89(4), any auditor or auditors appointed in accordance with subsection (2) or (3) cease to hold office and the directors shall immediately re-appoint the auditor or auditors or appoint a new auditor or auditors.

(5) The directors of any ICAV which does not hold annual general meetings shall appoint the auditor or auditors.

(6) Where, in any case, no auditors are appointed as required by this section, the Bank may appoint a person eligible for appointment as auditor under section 123 to fill the vacancy.