Common use of External Auditors Clause in Contracts

External Auditors. 8.1 External Auditors shall be designated by the Board of Directors prior to the close of business in each fiscal year, who shall audit and examine the books of accounts of the Company and shall certify to the Board of Directors and Shareholders the annual balance of said books, which shall be prepared at the close of each fiscal year. 8.2 No Director or Officer of the Company, and no firm or corporation of which such Director or Officer is a member, shall be eligible to discharge the duties of the External Auditors. 8.3 The compensation of the External Auditors shall be fixed by the Board of Directors.