Transport Act 1962

24 Accounts. U.K.

(1) Each Board—

(a) shall cause proper accounts and other records in relation thereto to be kept, and

(b) shall prepare an annual statement of accounts in such form and containing such particulars, compiled in such manner, as the Minister may from time to time direct with the approval of the Treasury.

(2) The accounts of each Board shall be audited by an auditor or auditors to be appointed annually by the Minister and a person shall not be qualified to be so appointed unless he is a member [F1 or is a firm in Scotland each of the partners wherein is a member] of one or more of the following bodies—

• The Institute of Chartered Accountants in England and Wales;

• The Institute of Chartered Accountants of Scotland;

• The Association of Certified and Corporate Accountants;

• The Institute of Chartered Accountants in Ireland;

• Any other body of accountants established in the United Kingdom and for the time being recognised for the purposes of [F2 section 389(1)(a) of the Companies Act 1985 by the Secretary of State].

(3) So soon as the accounts of a Board have been audited as aforesaid, they shall send a copy of the statement of accounts referred to in paragraph (b) of subsection (1) of this section to the Minister, together with a copy of the report made by the auditor or auditors on that statement, and a copy of that statement and of any such report shall be included in the report which is under this Act to be laid by the Minister annually before each House of Parliament.

(4) Section thirty-nine of the M1 Railway and Canal Traffic Act 1888, and the M2 Railway Companies (Accounts and Returns) Act 1911 (which relate to the making of returns and the keeping of statistics by railway and canal companies), and, except so far as the Minister may by order made by statutory instrument otherwise provide, so much of any statutory provision as relates to the accounts, statistics and returns to be kept or made by the owners of undertakings which were by the M3 Transport Act 1947, transferred to the Commission, or as relates to the audit or publication of any such accounts, shall not apply to any of the Boards.

Textual Amendments

F1 Words inserted by Transport Act 1968 (c. 73), s. 41(9)

F2 Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2

Modifications etc. (not altering text)

C1 Ss. 18-21, 24 extended by Transport Act (c. 73), s. 27(1)

C2 S. 24 explained by Transport Act 1981 (c. 56, SIF 126), s. 5(4), Sch. 4 Pt. II para. 12

Marginal Citations

M1 1888 c. 25.

M2 1911 c. 34.

M3 1947 c. 49.