(1)The Council may, after paying their expenses, allocate any money, other than a sum paid under a penalty order or recovered under section 16(6) above, received by them whether by way of fees or otherwise to purposes connected with optical education and research or any other public purposes connected with the profession of ophthalmic opticians or dispensing opticians in such manner as they may think fit.
(2)The Council shall keep accounts of all sums received or paid by them and the accounts for each financial year of the Council shall be audited by auditors to be appointed by them and shall as soon as may be after they have been audited be published and laid before Parliament.
(3)No person shall be qualified to be appointed auditor under subsection (2) above unless he is a member 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 Chartered Association of Certified Accountants;
the Institute of Chartered Accountants in Ireland;
any other body of accountants established in the United Kingdom for the time being recognised for the purposes of section 389(l)(a) of the [1985 c. 6.] Companies Act 1985 by the Secretary of State.