law: The Joint-stock Companies Act, 1857
  XXXVII. Appointment of Auditors.-
  Unless other provisions shall be contained in the regulations of the Company for the appointment of Auditors, the Auditors shall be appointed at the first general meeting of the Company in every year, and, in the case of any casual vacancy occurring in such office, at an extraordinary general meeting called for the purpose of supplying the same. No Directors or other Officer shall be eligible as an Auditors.