SCHEDULES
C1SCHEDULE 1 Additional 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.
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A person shall not be appointed as auditor by the Board under sub-paragraph (2) above unless he is eligible for appointment as a company auditor under section 25 of the Companies Act 1989.
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.
Sch. 1 (except paras. 5, 6): functions made exercisable by, or by employees of, such person as may be authorised in that behalf by the Treasury (18.11.1998) by S.I. 1998/2842, art. 2, Sch. Pt. II para. 63(d)