Transport Act 1968

Borrowing powers and accounts of Council

10 (1) The Council may borrow from the Minister, but not from any other person, such sums as the Council may require for meeting their obligations or discharging their functions under section 143 of this Act.

(2) Any loans by the Minister under this paragraph shall be made out of moneys provided by Parliament: and any such loans shall be repaid to the Minister at such times and by such methods, and interest thereon shall be paid to him at such rates and at such times, as he may with the approval of the Treasury from time to time direct.

(3) Any sums received by the Minister under this paragraph shall be paid into the Consolidated Fund.

11 The Council—

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

(b) shall prepare an annual statement of accounts in respect of such accounting period, 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.

12 (1) The accounts of the Council shall be audited by an auditor or auditors appointed annually by the Minister; and any auditor so appointed shall be entitled to require from any officer of the Council such books, deeds, contracts, accounts, vouchers, receipts and other documents, and such information and explanations, as may be necessary for the performance of his duties.

(2) A person shall not be appointed auditor as aforesaid unless he is a member, or is a firm in Scotland each of the partners wherein is a member, of one or more of the following bodies, namely—

• the Institute of Chartered Accountants in England and Wales;

• the Institute of Chartered Accountants of Scotland ;

• the Association of Certificated 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 purpose of section 161(1)(a) of the [1948 c. 38.] Companies Act 1948 by the Board of Trade.

13 So soon as the accounts of the Council have been audited as aforesaid, the Council shall send to the Minister, and the Minister shall cause to be laid before Parliament, a copy of the statement of accounts referred to in paragraph 11(b) of this Schedule, together with a copy of the report made by the auditor or auditors on that statement.