(1)It shall be the duty of the governing body of every educational endowment administered under a scheme made by the Court of Session which provides for the audit of the accounts of that endowment F1, or administered under a provisional order made under the Act of 1878, or under a scheme made under the Act of 1882, the Acts of 1928 to 1935, Part VI of the Act of 1946, Part VI of the Act of 1962 or under this Part of this Act, other than any such endowment to which section 106(1) of the M1Local Government (Scotland) Act 1973, applies, to comply with the following provisions of this section.
(2)The governing body of every endowment to which this section applies shall keep proper accounts and other records in relation to the functioning of that body, and shall prepare in respect of each financial year a statement of account F1
(3)The accounts of every endowment to which this section applies shall be audited each year by an auditor appointed by the governing body F1; [F2and no person shall be appointed auditor as aforesaid unless he is eligible for appointment as a [F3statutory auditor under Part 42 of the Companies Act 2006].]
(4)(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4
(6)[F5The governing body of each endowment to which this section applies shall make the audited accounts of that endowment] available for public inspection at all reasonable times.
(7)Any provision in a governing instrument referred to in subsection (1) above prescribing the financial year of an endowment shall remain in operation notwithstanding the repeal by the Act of 1962 of section 11(2) of the M2Education (Scotland) Act 1956.
Textual Amendments
F1Words repealed by Education (Scotland) Act 1981 (c. 58), Sch. 9
F2S. 111(3): by S.I. 1991/1997, reg. 2, Sch. para.36 (with reg. 4) it is provided that words shall be substituted (01.10.1991) for the words from 'and no person shall be eligible' to the end
F3Words in s. 111(3) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 1(u) (with arts. 6, 11, 12)
F4S. 111(4)(5) repealed by Education (Scotland) Act 1981 (c. 58), Sch. 9
F5Words substituted by Education (Scotland) Act 1981 (c. 58), Sch. 6 para. 10(b), Sch. 8
Marginal Citations