290. The board of directors shall appoint an auditor for the current fiscal year of the institution before 30 September each year.
The institution must issue a call for tenders, at least once every four years and whenever it intends to retain the services of a new auditing firm, to ensure that the services it receives are as cost-effective as possible.
A new institution constituted as a legal person under this Act, including an institution resulting from an amalgamation or conversion carried out pursuant to this Act, must apply the tendering procedure mentioned in the second paragraph before engaging the services of an auditing firm.
1991, c. 42, s. 290; 1998, c. 39, s. 91.