20. The following pension plans are dispensed from the financial report audit provided for in section 161 of the Act:
(1) a guaranteed pension plan;
(2) a simplified pension plan;
(3) for its first fiscal year, a pension plan having fewer than 50 members and beneficiaries and net assets of a market value of less than $1,000,000.
Also dispensed from such an audit, for any fiscal year subsequent to its first, is a pension plan of the category provided for in subparagraph 3 of the first paragraph unless, at the annual meeting, 1/3 or more of the members and beneficiaries require that such an audit be carried out for the current fiscal year concerned. A pension committee intending to avail itself of such a dispensation shall, in the notice calling the meeting and during the meeting, inform the members and beneficiaries of its intention and of their right to decide otherwise.
O.C. 1466-95, s. 1; O.C. 1151-2002, s. 16.