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The Scottish Milk Marketing Scheme (Consolidation) Approval Order 1989

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39.—(1) The Board shall cause to be kept proper accounting records with respect to—

(a)all sums of money received and expended by the Board, and the matters in respect of which the receipt and expenditure takes place;

(b)all sales and purchases by the Board;

(c)the assets and liabilities of the Board;

and the accounting records with respect to the Board’s commercial activities shall be kept separate from the accounting records with respect to the Board’s other activities.

(2) The Board shall charge to its commercial activities such proportion of its general administrative expenses as is fairly attributable to such commercial activities.

(3) Preparation of accounts. Following the end of each accounting period, the Board shall prepare, in respect of the accounting period, an Income and Expenditure Account for the fund established in accordance with section 26(3), and a Profit and Loss Account in respect of the Board’s commercial activities. The Board shall also prepare a Balance Sheet as at the date at which these Accounts are made up. The Accounts shall make separate provision for the Board’s commercial activities and for the Board’s other activities, and shall be in a form approved by the Minister.

(4) Audit of accounts. The Board shall submit the accounts prepared under subsection (3) above for audit to the Auditor appointed under section 11. The Auditor shall examine the Accounts and shall verify the same with the accounting records relating thereto, and shall either sign the Accounts as found by him to show a true and fair view of the state of the Board’s affairs and of its results and to be in accordance with law, or shall report to the Board in what respect the Accounts do not show a true and fair view of the Board’s affairs and results and are not in accordance with law.

(5) Submission of audited accounts to the Minister and to registered producers. Once in every year, the Board shall send to the Minister and to every registered producer, along with a notice calling the meeting at which the Accounts of the Board are to be submitted, the Accounts prepared in accordance with subsection (3) and the report of the Auditor thereon, together with a statement of the manner in which any moneys of the Board are invested in accordance with the provisions of subsection (12) of section 26, and such other information on the workings of the Scheme in the period covered by the Accounts as the Board may consider necessary for the information of registered producers.

(6) Copy of Balance Sheet to be furnished to any person requiring it. The Board shall furnish a copy of the Balance Sheet to any person requiring it on payment of a fee to be determined by the Board which reasonably compensates the Board for the cost of furnishing such Balance Sheet.

(7) The Board shall furnish the Minister with such information as he may from time to time require concerning the Board’s commercial activities and shall permit any person duly authorised in writing by the Minister, on production of his authority, to inspect such of the Board’s accounts and records as he may reasonably require to satisfy himself that the Board are complying with the requirements of sections 16 and 26(3) of the Scheme, of Council Regulation (EEC) No. 1422/78 and of Commission Regulation (EEC) No. 1565/79

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