Section 37: Liability of auditors for negligence.

(1) The auditor of a public enterprise shall in the performance of his duties exercise all such care, diligence and skill as are reasonably necessary in each particular circumstance.
(2) Where a public enterprise suffers loss or damage as a result of the failure of its auditor to discharge the fiduciary duty imposed on him by subsection (1) of this section, the auditor shall be liable for negligence and the directors may institute an action for negligence against him.
(3) If the directors fail to institute an action against the auditor under subsection (2) of this section, the Commission may direct the directors to institute the action within such period as the Commission may direct and the public enterprise shall comply, accordingly.