law: 72. Qualifications and disqualifications of auditors.
  (1) A person shall not be qualified for appointment as an auditor of a multi-State co-operative society unless he is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949).
  (2) None of the following persons shall be qualified for appointment as auditor of a multi-State co- operative society
  (a) a body corporate;
  (b) an officer or employee of the multi-State co-operative society;
  (c) a person who is a member, or who is in the employment, of an officer or employee or themulti-State co-operative society;
  (d) a person who is indebted to the multi-State co-operative society or who has given any guarantee or provided any security in connection with the indebtedness of any third person to themulti-State co-operative society for an amount exceeding one thousand rupees.
  (3) A person shall also not be qualified for appointment as an auditor of a multi-State co-operativesociety if he is, by virtue of sub-section (2), disqualified for appointment as an auditor of any other body corporate or multi-State co-operative society or co-operative society.
  (4)If an auditor becomes subject, after his appointment, to any of the disqualifications specified insub-sections (2) and (3), he shall be deemed to have vacated his office as such.