Hallmarking Act 1973

Expenses and Accounts

18 (1) The expenses of the Council (which may include reasonable provision for reserves) for the year then current shall, unless otherwise resolved by the Council, be estimated and determined upon at the first meeting of the Council in any year and shall be defrayed out of contributions paid in accordance with this paragraph by each of the assay offices.

(2) The contribution so to be paid by any assay office shall be ascertained by applying to the amount of the said expenses of the Council that percentage (which for purposes of practical calculation may be adjusted by the Council by not more than one half of one per cent, or by any greater percentage with the agreement of that assay office) of the aggregate of the gross revenues of all the assay offices from charges for assaying and hallmarking precious metals under this Act (being revenue ascertained in manner for the time being determined by the Council), which is represented by the like gross revenue of that assay office alone and so ascertained.

(3) Unless otherwise determined by the Council, every contribution payable under this paragraph shall be paid within three months after any such meeting of the Council as is referred to in sub-paragraph (1) of this paragraph.

19 (1) The Council shall keep proper accounts of all sums received or paid by them and their accounts for each year shall be audited by auditors appointed by the Council.

(2) No person shall be qualified to be appointed auditor under this paragraph unless he is a member, or in the case of a firm all the partners therein are members, of one or more of the following bodies:—

• the Institute of Chartered Accountants in England and Wales ;

• the Institute of Chartered Accountants of Scotland ;

• the Association of Certified Accountants ;

• the Institute of Chartered Accountants in Ireland ;

• any body of accountants established in the United Kingdom which is for the time being recognised for the purposes of section 161(1)(a) of the [1948 c. 38.] Companies Act 1948 by the Secretary of State.

20 The Council may pay to the chairman of the Council such remuneration and expenses as they see fit and to any other of their members, or to any member of a committee appointed by them, travelling, subsistence or other allowances.