(1) The affairs of the Corporation shall be audited by not less than two auditors qualified under section 144 of the Indian Companies Act, 1913 (7 of 1913)-, to act as auditors of companies who shall be appointed by the Central Government on such remuneration as the Central Government may fix, and such remuneration shall be paid by the Corporation.

(2) Every auditor shall be supplied with a copy of the annual balance- sheet of the Corporation, and it shall be his duty to examine it together with the accounts and vouchers relating thereto; and every auditor shall have a list delivered to him of all books kept by the Corporation, and shall at all reasonable times have access to the books, accounts and other documents of the Corporation, and may in relation tu such accounts examine any Director or officer of the Corporation.

(3) The auditors shall make a report to the share-holders upon the annual balance-sheet and accounts, and in every such report they shall state, whether in their opinion the balance-sheet is a full and fair balance- sheet containing all necessary particulars and properly drawn up so as to exhibit a true and correct view of the state ot the affairs of the Corporation, and in case they have called for any explanation or information from the Board whether it has been given and whether it is satisfactory.

(4) The Central Government may at any time issue directions to the auditors requiring them to report to it upon the adequacy of measures taken by the Corporation for the protection of its share-holders and creditors or upon the sufficiency ,of their procedure in auditing the affairs of the Corporation, and may at any time enlarge or extend the scope of the auditor direct that a different procedure in audit be adopted or direct that any other examination be made by the auditors if in its opinion the public interest so requires.