48SAccounts and financial statements of Authority

48S Accounts and financial statements of Authority

[Section 48S Inserted by No. 59 of 2005, s. 10, Applied:01 Jul 2009]

(1)  The Authority must –

(a) keep such accounting records as correctly record and explain its transactions (including any transactions as trustee) and financial position; and

(b) keep those records in a manner that –

(i) allows true and fair accounts of the Authority to be prepared from time to time; and

(ii) allows separate accounts to be prepared in respect of the security deposits held by the Authority and in respect of the funds of the Authority; and

(iii) allows its accounts to be conveniently and properly audited or reviewed; and

(iv) complies with any instruction issued to it by the Treasurer; and

(c) retain those records for a period of not less than 7 years after the completion of the transaction to which they relate or such other period as the Minister determines.