38Proper accounts to be kept etc.

38 Proper accounts to be kept etc. (1) The Council must ensure that: (a) proper accounts and records of the transactions and affairs of the Institute are kept; and (b) there are adequate controls over the incurring of liabilities by the Institute; and (c) all payments out of the money of the Institute are correctly made and properly authorised; and (d) adequate control is maintained over the property of or in the custody, control and management of the Institute. (2) The Council must show separately in its accounts and records the income and expenditure that is properly attributable to vocational education and training.