Article (22) Financial Record and Auditors

22.1 The Guarantee Fund shall have independent financial records to be audited, together with the annual financial statements, by an independent auditor who shall be appointed by the Chairman of the Board of Directors of the BSE. The auditing costs which are considered as part of the Guarantee Fund's administrative expenses, shall be paid by the BSE on behalf of the Fund and reimbursed thereafter from the Participants, in accordance with Article (10-2) hereof.