Water (Scotland) Act 1967

10 Accounts and audit

(1) Subject to the following provisions of this section, all sums received by a regional water board or by a water development board shall be credited to and form part of the general fund of the board, and all expenditure of the board shall be defrayed out of that fund.

(2) The general fund of each such board shall comprise a capital account and a revenue account, and such other accounts as they may require.

(3) Each such board shall have the like power to establish either a capital fund or a renewal and repair fund or both as have a local authority by virtue of section 8 of the [1964 c. 67.] Local Government (Development and Finance) (Scotland) Act 1964, and the provisions of that section and of sections 9 and 10 of the said Act (provisions dealing with capital funds and renewal and repair funds) shall, so far as applicable, have effect in relation to any fund so established as they have effect in relation to a like fund established by a local authority.

(4) For the purpose of applying Part X of the [1947 c. 43.] Local Government (Scotland) Act 1947 to the audit of the accounts of each such board, section 206 of that Act (audit of accounts of joint committees and boards) shall have the like effect in relation to those accounts as it has in relation to the accounts of a joint board.

(5) For the purposes of this and the next following section, the provisions of the said Act of 1947 mentioned in this subsection shall apply with any necessary modifications to a regional water board and to a water development board as they apply to a county council, that is to say.—

(a) section 178(2) and (3) (keeping of bank accounts),

(b) section 189 (accounts to be made up yearly), and

(c) section 190 (audited accounts to be laid before local authority for approval).