SECTION 376

Private limited companies that meet, at the end of the fiscal year, two of following conditions: 1) the total amount of the balance sheet is greater than one hundred twenty five million (125,000,000) CFA Francs; 2) the annual turnover is greater than two hundred fifty million (250,000,000) CFA Francs; 3) the number of permanent staff exceeds fifty (50) people; shall be required to appoint at least one (1) auditor. The company shall not be required to appoint an auditor if it has not met two (2) of the conditions set forth above for two (2) years preceding the expiration of the mandate of the auditor. For other private limited companies that do not meet these criteria, the appointment of an auditor shall be optional. Nonetheless, such an appointment may be requested in court by one or more members holding at least one-tenth of the stated capital. Qualifications of auditors