40 Financial provisions.U.K.
(1)The General Council shall keep proper accounts of all sums received or paid by it and proper records in relation to those accounts.
(2)The accounts for each financial year of the General Council shall be audited by persons appointed by the Council.
(3)No person may be appointed as an auditor under subsection (2) unless he is eligible for appointment as a [F1statutory auditor under Part 42 of the Companies Act 2006].
(4)As soon as is reasonably practicable after the accounts of the General Council have been audited, the Council shall—
(a)cause them to be published, together with any report on them made by the auditors; and
(b)send a copy of the accounts and of any such report to the Privy Council.
(5)The Privy Council shall lay any copy sent to them under subsection (4) before each House of Parliament.
Textual Amendments
F1Words in s. 40(3) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 3(b) (with arts. 6, 11, 12)