(1)The Commission shall prepare accounts, in such form and manner as the Treasury may direct, for each financial year, and shall, as soon as possible after the end of each financial year, submit to the Secretary of State their accounts for that year, and the Secretary of State shall transmit the accounts to the Comptroller and Auditor General who shall examine and certify them and shall lay copies thereof, together with his report thereon, before Parliament.
(2)The Commission shall prepare an annual report on the exercise of their functions during each financial year and shall, as soon as possible after the end of each such year, submit the report for that year to the Secretary of State, and the Secretary of State shall lay copies thereof before Parliament.
(3)In this section the expression " financial year " means the period beginning with the passing of this Act and ending with the thirty-first day of March, nineteen hundred and fifty-one, and every subsequent period of twelve months ending with the thirty-first day of March.