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(1)Every development corporation shall keep proper accounts and other records in relation thereto, and shall prepare in respect of each financial year annual accounts in such form as the Minister may, with the approval of the Treasury, direct.
(2)The accounts of a development corporation shall be audited by an auditor to be appointed annually by the Minister
(3)As soon as the annual accounts of a development corporation for any financial year have been audited, the corporation shall send to the Minister a copy of the accounts prepared by them for that year in accordance with this section, together with a copy of any report made by the auditor thereon.
(4)The Minister shall prepare in respect of each financial year, in such form and manner and at such times as the Treasury may direct, an account of the sums issued to him out of the Consolidated Fund and advanced to a development corporation under section twelve of this Act and of sums received by him from that development corporation and paid into the Exchequer under the said section.
(5)On or before the thirtieth day of November in each year, the Minister shall transmit to the Comptroller and Auditor General the account prepared by him under the last foregoing subsection in respect of the last foregoing financial year and a copy of the annual accounts last sent to him by the development corporation under subsection (3) of this section, together with the report of the auditor thereon; and the Comptroller and Auditor General shall examine and certify the account prepared by the Minister and lay before each House of Parliament copies of that account, together with his report thereon, and copies of the audited accounts prepared by the development corporation.
(6)Every development corporation shall, as soon as possible after the end of each financial year, make to the Minister a report dealing generally with the operations of the corporation during that year, and the Minister shall lay a copy of every such report before each House of Parliament.
(7)Without prejudice to the requirement imposed by the last foregoing subsection, every development corporation shall provide the Minister with such information relating to the undertaking of the corporation as the Minister may from time to time require, and for that purpose shall permit any person authorised by the Minister in that behalf to inspect and make copies of the accounts, books, documents or papers of the corporation and shall afford such explanation thereof as that person or the Minister may reasonably require.
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