SECTION 699

An auditor may not be appointed director, Managing Director, assistant managing director, General Manager or assistant general manager of the companies which he audits less than five years following the cessation of his duties as auditor of the said companies. The same prohibition shall be applicable to the members of an auditors’ company. He may not, during the same period, perform the duties of auditor in the companies holding one-tenth of the capital of the company audited by him or in the companies in which the company audited by him holds one-tenth of the capital after cessation of his duties as auditor of the said companies.