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.