Common use of SHAREHOLDER'S AUDIT Clause in Contracts

SHAREHOLDER'S AUDIT. A Shareholder (the "AUDITING SHAREHOLDER") may from time to time (but not more than once during any 12 month period) upon making a written request to the Managing Director (the "AUDIT REQUEST"), at its own expense, cause an audit to be made of the Company's books and accounts by a chartered accountant or certified public accountant appointed by such Shareholder. Such audit shall be conducted in the presence of the Managing Director and/or his/her nominees at a place determined by the Managing Director. Within 7 days of receiving an Audit Request, the Managing Director will notify the Auditing Shareholder of the place and time at which such audit may be conducted (which time shall be not later than the 21st day after the Audit Request was delivered). Such auditor shall, for the purpose of performing the audit, have access to all books, accounts, records, vouchers, checks, papers and documents of or which relate to the Company's business and shall be entitled to require from the Shareholders, directors, officers and employees of the Company, such information and explanations as in its opinion are necessary to enable him to make such an audit. The results of the audit shall be disclosed to the Company and the Shareholders. If the audit discloses that there are material irregularities in the books and accounts of the Company, then the Shareholder who has caused the audit to be made shall be reimbursed by the Company for all [reasonable] costs and expenses incurred by him to have such audit performed. If the audit report identifies material irregularities, the Auditing Shareholder may cause a follow-up audit to be conducted to verify that the Company has corrected the material irregularities; the cost of the follow-up audit shall be borne by the Company.

SHAREHOLDER'S AUDIT. A Shareholder (the "AUDITING SHAREHOLDER") may from time to time (but not more than once during any 12 month period) upon making a written request to the Managing Director (the "AUDIT REQUEST"), at its own expense, cause an audit to be made of the CompanyCorporation's books and accounts by a chartered accountant or certified public accountant accounts appointed by such Shareholder. Such audit shall be conducted in the presence of the Managing Director and/or his/her nominees at a place determined by the Managing Director. Within 7 days of receiving an Audit Request, the Managing Director will notify the Auditing Shareholder of the place and time at which such audit may be conducted (which time shall be not later than the 21st day after the Audit Request was delivered). Such auditor shall, for the purpose of performing the audit, have access to all books, accounts, records, vouchers, checks, papers and documents of or which relate to the CompanyCorporation's business and shall be entitled to require from the Shareholders, directors, officers and employees of the CompanyCorporation, such information and explanations as in its opinion are necessary to enable him to make such an audit. The results of the audit shall be disclosed to the Company Corporation and the Shareholders. If the audit discloses that there are material irregularities in the books and accounts of the CompanyCorporation, then the Shareholder who has caused the audit to be made shall be reimbursed by the Company Corporation for all [reasonable] costs and expenses incurred by him to have such audit performed. If the audit report identifies material irregularities, the Auditing Shareholder may cause a follow-up audit to be conducted to verify that the Company Corporation has corrected the material irregularities; the cost of the follow-up audit shall be borne by the CompanyCorporation.