Section 408

(1) The remuneration of the auditors of a company-

(a) in the case of an auditor appointed by the directors, may be fixed by the directors; or

(b) shall, subject to paragraph (a), be fixed by the company in general meeting or in such manner as the company in general meeting may determine.

(2) For the purposes of subsection (7), "remuneration" includes sums paid by the company in respect of the auditors' expenses.