(1) The appointment of the auditor shall be made by the general meeting of the bank or financial institution. (2) The general meeting cannot appoint the same auditor for more than three consecutive terms. (3) When the general meeting appoints the auditor according to sub-section (1), ” and in the case of “c” category licensed bank or financial institution, a chartered accountant shall be appointed and in the case of “d” category licensed bank or financial institution, a chartered accountant or registered auditor shall be appointed. (4) According to subsection (1), the bank or financial institution shall appoint an auditor If not done or unable to do so, the National Bank may appoint an auditor. (5) If the position of the auditor becomes vacant for any reason, the board of directors shall appoint another auditor for the remainder of the period. In the case of having been appointed by the meeting and in the case of being appointed by the board of directors, it shall be as prescribed by the said committee.