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Paragraph 7 Accounts of Authority after transfer date

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

It shall be the duty of the Authority—

(a)

to keep proper accounts in respect of the period beginning with the transfer date and ending immediately before the dissolution date and proper records in relation to the accounts; and

(b)

to prepare in respect of each new accounting period a statement of accounts giving a true and fair view of the state of affairs and the income and expenditure of the Authority.

(2)

A statement of accounts of the Authority prepared in pursuance of sub-paragraph (1)(b) above shall be audited by auditors appointed by the Authority, and a person shall not be qualified to be so appointed unless that person is a member of, or is a Scottish firm in which all the partners are members of, one or more of the following bodies of accountants—

(a)

The Institute of Chartered Accountants in England and Wales;

(b)

The Institute of Chartered Accountants of Scotland;

(c)

The Chartered Association of Certified Accountants; and

(d)

The Institute of Chartered Accountants in Ireland.

(3)

The Authority shall send to the Secretary of State a copy of the statement of accounts prepared in pursuance of sub-paragraph (1)(b) above together with a copy of the auditor’s report on it.

(4)

In this paragraph “new accounting period” means—

(a)

a period of twelve months beginning with the transfer date or with an anniversary of that date; and

(b)

any period of less than twelve months which begins with the transfer date or an anniversary of that date and ends immediately before the dissolution date.