Part 7Accounts, audit and annual returns

Books of account

75Duty to keep books of account etc

1

A registered society must ensure that proper books of account are kept with respect to its transactions and its assets and liabilities.

2

The duty under subsection (1) includes a duty to ensure that there are kept such books as are necessary to—

a

give a true and fair view of the state of the society's affairs, and

b

explain its transactions.

3

A registered society must establish and maintain a satisfactory system of control of its—

a

books of account,

b

cash holdings, and

c

receipts and remittances.

76Form of books of account

1

A registered society may keep a book of account by—

a

making entries in bound books, or

b

recording the matters in question in any other way.

2

Where a book of account is kept otherwise than by making entries in a bound book, the society must take adequate precautions for—

a

guarding against falsification, and

b

facilitating its discovery.