SCHEDULES

SCHEDULE 1Additional Provisions with respect to the Policyholders Protection Board

Accounts, audit and annual report

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1

It shall be the duty of the Board—

a

to keep proper accounts and proper records in relation to the accounts ; and

b

to prepare in respect of the period beginning with the date on which this Act is passed and ending with 31st March 1976 and in respect of each subsequent financial year a statement of accounts, in such form as the Secretary of State may direct, showing the state of affairs and income and expenditure of the Board.

2

A statement of accounts prepared in accordance with sub-paragraph (1)(b) above shall be audited by auditors appointed by the Board.

3

A person shall not be qualified to be appointed as auditor by the Board under sub-paragraph (2) above unless he 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 Accountants ;

  • the Institute of Chartered Accountants in Ireland ;

  • any other body off accountants established in the United Kingdom and for the time being recognised for the purposes of section 161(1)(a) of the [1948 c. 38.] Companies Act 1948 by the Secretary of State ;

but a Scottish firm may be so appointed if each of the partners therein is qualified to be so appointed.

4

It shall be the duty of the Board, as soon as possible after the end of the period mentioned in sub-paragraph (1)(b) above and each subsequent financial year, to prepare, in such manner as the Secretary of State may direct, a report on the performance of their functions during that period or (as the case may be) during that year.

5

It shall be the duty of the Board to publish the statement of accounts prepared in accordance with sub-paragraph (1)(b) above and the report prepared in accordance with sub-paragraph (4) above in respect of the period mentioned in sub-paragraph (1)(b) above and any subsequent financial year at such time and in such manner as the Secretary of State may direct.