Accounts and financial statements
18.—(1)  The Board shall keep proper accounts and records of the transactions and affairs of the Polytechnic and shall do all things necessary to ensure that all payments out of the moneys of the Polytechnic are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Polytechnic and over the expenditure incurred by the Polytechnic.
(2)  The Board shall, as soon as practicable after the close of each financial year, prepare and submit financial statements in respect of that year to the auditor of the Polytechnic.
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