Accounts, audit and auditors
29 Books of account, etc.
(1)
Every registered society and branch shall—
(a)
cause to be kept proper books of account with respect to its transactions and its assets and liabilities, and
(b)
establish and maintain a satisfactory system of control of its books of account, its cash holdings and all its receipts and remittances.
(2)
For the purposes of subsection (1)(a) above, proper books of account shall not be taken to be kept with respect to the matters mentioned in that paragraph unless there are kept such books as are necessary to give a true and fair view of the state of the affairs of the society or branch and to explain its transactions.
(3)
Any book of account to be kept by a registered society or branch may be kept either by making entries in bound books or by recording the matters in question in any other manner.
(4)
Where any such book of account is not kept by making entries in a bound book but by some other means, the society or branch shall take adequate precautions for guarding against falsification and for facilitating its discovery.