Subsection 2: Statutory auditors.

The statutory auditors referred to in Article L. 511-38 are appointed by the body of these undertakings responsible for approving the accounts. They are appointed for six financial years. Their term of office expires after the body competent to approve the accounts has ruled on the accounts for the sixth financial year. They may be reappointed.

In the case of branches in France of credit institutions that do not have their registered office in a State party to the Agreement on the European Economic Area, the statutory auditors are appointed by the persons who effectively manage the business of these branches.