Subject to the provisions of section 279, a company may at a general meeting by resolution remove any auditor appointed by the directors or the Registrar under section 269 or 271 or by the directors under section 273 before the expiration of his term of office and at the same meeting appoint another person as auditor in his place: Provided that where an auditor has reason to believe that in the conduct of the affairs of the company a material irregularity has taken place or is taking place which has caused or is likely to cause financial loss to the company or to any of its members or creditors, and he has made a report thereon in writing to the directors of the company, he may not be removed from office until the provisions of section 26(3)(b) of the Public Accountants' and Auditors' Act, 1951 (Act No. 51 of 1951). have been complied with.