Subject to paragraph (2) of this regulation, the books of account shall be kept at the head office of the Company, or at such other place or places as the directors think fit, and shall always be open to the inspection of the directors.

The books of account of a separate fund or funds in respect of business arising in any territory in respect of which the directors have designated a local head office may be kept at that local head office but in such a case such information as the directors may require to enable them to ascertain with reasonable accuracy the financial position of that fund or those funds shall be prepared at intervals of not more than six months (or at such other intervals as the directors may prescribe) and submitted to the head office of the Company within six weeks (or such other period as the directors may prescribe) of the date to which they are made up, and shall be held there or at such other place as aforesaid for such period as the directors may prescribe. All such accounts, balance sheets and other information shall always be open to the inspection of the directors.