Part 7Accounts, audit and annual returns

Books of account

75Duty to keep books of account etc

(1)

A registered society must ensure that proper books of account are kept with respect to its transactions and its assets and liabilities.

(2)

The duty under subsection (1) includes a duty to ensure that there are kept such books as are necessary to—

(a)

give a true and fair view of the state of the society's affairs, and

(b)

explain its transactions.

(3)

A registered society must establish and maintain a satisfactory system of control of its—

(a)

books of account,

(b)

cash holdings, and

(c)

receipts and remittances.