5. Sections 12,13 and 14 of the principal Act are repealed and the following sections substituted therefor:12. The Secretary-Treasurer of the Board shall, as soon as practicable after the end of each financial year, submit to the Board a report of the activities of the Association during that financial year. |
Bank accounts and application of funds |
13.—(1) The Board may deposit all moneys belonging to the Association in such account or accounts which it may open with —(a) | any bank or banks licensed under the Banking Act (Cap. 19); or | (b) | any finance company or companies licensed under the Finance Companies Act (Cap. 108). |
(2) The account or accounts in which the moneys belonging to the Association are to be deposited may be opened in the name of —(a) | the Association; or | (b) | the management committee or any other approved constituent committee of any community centre, club, institute or other body managed or run by the Board. |
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(3) Every bank account kept under this section shall be operated upon as far as practicable by cheque signed by —(a) | in the case of a bank account opened in the name of the Association, two members of the Board who may from time to time be authorised in that behalf by the Board; or | (b) | in the case of a bank account opened in the name of the management committee or any other approved constituent committee of a community centre, club, institute or other body managed or run by the Board, two members of the management committee or approved constituent committee of the community centre, club, institute or other body who may from time to time be authorised in that behalf by the Board. |
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(4) The Board may, from time to time, invest any of the funds of the Association not immediately required for carrying out the objects of the Association in such securities which trustees may by any written law for the time being in force be authorised to invest trust moneys in. |
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14.—(1) The financial year of the Association shall begin on 1st April of each year and end on 31st March of the succeeding year.(2) The Board shall cause proper accounts and records of the transactions and affairs of the Association to be kept and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Association, and over the expenditure incurred by the Association. |
(3) The Board shall, as soon as practicable after the close of each financial year, prepare and submit to the auditor of the Association, financial statements in respect of that financial year. |
(4) The accounts of the Association shall be audited by the Auditor-General or by an auditor appointed annually by the Board in consultation with the Auditor-General. |
(5) A person shall not be qualified for appointment as an auditor under subsection (4) unless he is an approved company auditor under the Companies Act (Cap. 50). |
(6) The remuneration of the auditor of the Association shall be paid out of the funds of the Association. |
(7) The auditor or any person authorised by him shall be entitled at all reasonable times to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the Association. |
(8) The auditor shall in his report state —(a) | whether the financial statements show fairly the financial transactions and the state of affairs of the Association; | (b) | whether proper accounting and other records have been kept, including records of all assets of the Association whether purchased, donated or otherwise; | (c) | whether the receipts, expenditure and investment of moneys, and the acquisition and disposal of assets by the Association during the financial year were in accordance with the provisions of this Act; and | (d) | such other matters arising from the audit as he considers should be reported. |
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(9) The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Deputy Chairman, and shall also submit such periodical and special reports to the Deputy Chairman as may appear to him to be necessary or as the Deputy Chairman may require. |
(10) The auditor or any person authorised by him may require any person to furnish him with such information in the possession of that person or to which that person has access as the auditor considers necessary for the purposes of his functions under this Act. |
(11) Any person who without reasonable excuse fails to comply with any requirement of the auditor under subsection (10) or who otherwise hinders, obstructs or delays the auditor in the performance of his duties or the exercise of his powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000. |
(12) As soon as the accounts of the Association and the financial statements have been audited in accordance with the provisions of this Act, a copy of the audited financial statements signed by the Secretary-Treasurer of the Board, together with a copy of the auditor’s report, shall be submitted to the Deputy Chairman. |
(13) Where the Auditor-General is not the auditor of the Association, a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor-General when they are submitted to the Deputy Chairman.”. |
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