(l) A person shall not be Qualifications and Disqualifications of Auditors for appointment as an auditor of a Multi State Cooperative Society unless he is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949).(2) None of the following persons shall be qualified for appointment as auditor of a multi state cooperative society(a) a body corporate;(b) an officer or employee of the Multi state society; (c) a person who is a member, or who is in the employment of an officer or employee, of the multi state cooperative society (d) a person who is indebted to the multi state cooperative society or who has given any guarantee or provided any security in connection with the indebtedness of any third person to the multi state cooperative societies for an amount exceeding one thousand rupees.(3) A person shall also not be qualified for appointment as an auditor of a multi state society if he is, by virtue of sub-section (2), disqualified for appointment as an auditor of any other body corporate cooperative society.(4) If an auditor becomes subject, after his appointment, to any of the disqualifications specified in sub-sections (2) and (3), he shall be deemed to have vacated his office as such. A person shall not be qualified for appointment as auditor of a company unless he is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949) Provided that a firm whereof all the partners practicing in India are qualified for appointment as aforesaid may be appointed by its firm name to be auditor of a company, in which case any partner so practicing may act in the name of the firm. a person who is indebted to the company for an amount exceeding one thousand rupees, or who has given any guarantee or provided any security in connection with the indebtedness of any third person to the company for an amount exceeding one thousand rupees; A person shall also not be qualified for appointment as auditor of a company if he is, by virtue of sub-section (3), disqualified for appointment as auditor of any other body corporate which is that company's subsidiary or holding company or a subsidiary of that company's holding company, or would be so disqualification for a Member of a Board if the body corporate were a company.