Books of account, etc.N.I.
40.—(1) Every credit union shall—
(a)cause to be kept proper books of account with respect to its transactions and its assets and liabilities, and
(b)establish and maintain a satisfactory system of control of its accounts, its cash holdings and all its receipts and remittances.
(2) For the purposes of sub-paragraph (a) of paragraph (1), proper books of account shall not be taken to be kept with respect to the matters mentioned in that sub-paragraph if there are not kept such accounts as are necessary to give a true and fair view of the state of the affairs of the credit union and to explain its transactions.