SECTION 155

Where there is no reply or where the reply is unsatisfactory, the auditor shall ask the chairperson of the board of directors or the chairperson and managing director as the case may be, to convene a meeting of the board or the managing director to give an opinion on the issues raised. The invitation referred to in the preceding paragraph shall be in the form of a hand- delivered letter against a receipt or registered letter with a request for acknowledgement of receipt dispatched within fifteen (15) days after receiving the reply of the chairman of the board of directors, the chairman and managing director, or the managing director, as the case may be, or the observation that there is no reply within the time limits provided in the preceding article. The chairperson of the board of directors or the chairperson and managing director, as the case may be, shall, within fifteen days from the date of receipt of the auditor’s letter, convene the board of directors to decide on the matters raised within one month following receipt of the auditor’s letter. The auditor shall be invited to the meeting of the board of directors. Where the company is administered by a managing director, he shall, within the same time limit, invite the auditor to the meeting in which he shall give his opinion on the matters raised. An extract of the minutes of the board of directors’ meeting or of the meeting with the managing director, as the case may be, shall be forwarded to the auditor within one month following the meeting.