SCHEDULES
SCHEDULE 31 Urban Development Corporations: Finance etc.
Part III General Accounts etc.
Accounts
10
–
1
A corporation shall keep proper accounts and other records in relation to them.
2
The accounts and records shall show, in respect of the financial year to which they relate, a true and fair view of the corporation’s activities.
3
A corporation shall prepare in respect of each financial year a statement of accounts complying with any requirement which the Secretary of State has (with the Treasury’s consent) notified in writing to the corporation relating to—
a
the information to be contained in the statement;
b
the manner in which the information is to be presented; and
c
the methods and principles according to which the statement is to be prepared.
4
Subject to any requirement notified to be corporation under sub-paragraph (3) above, in preparing any statement of accounts in accordance with that sub-paragraph the corporation shall follow, with respect to each of the matters specified in paragraphs (a) to (c) of that sub-paragraph, such course as may for the time being be approved by the Secretary of State with the Treasury’s consent.
Audit
11
1
The corporation’s accounts and statements of accounts shall be audited by an auditor to be appointed annually by the Secretary of State in relation to the corporation.
2
3
A person shall not be qualified for appointment under sub-paragraph (1) above if the person is—
a
a member, officer or servant of the corporation,
b
a partner of, or employed by, a member, officer or servant of the corporation, or
c
a body corporate.
Transmission to Secretary of State
12
As soon as the accounts and statement of accounts of the corporation for any financial year have been audited, the corporation shall send to the Secretary of State a copy of the statement, together with a copy of any report made by the auditor on the statement or on the accounts.
Reports
13
1
As soon as possible after the end of each financial year, a corporation shall make to the Secretary of State a report dealing generally with the corporation’s operations during the year, and shall include in the report a copy of its audited statement of accounts of that year.
2
Without prejudice to the generality of sub-paragraph (1) above, a report under this paragraph shall deal with the operation during the year of the corporation’s arrangements for consultation about the exercise of its powers with local authorities the whole or any part of whose area is included in the urban development area.
3
The Secretary of State shall lay a copy of the report before each House of Parliament.
Information
14
Without prejudice to paragraph 13 above, a corporation shall provide the Secretary of State with such information relating to its undertaking as he may require, and for that purpose shall permit any person authorised by the Secretary of State to inspect and make copies of the accounts, books, documents or papers of the corporation and shall afford such explanation of them as that person or the Secretary of State may reasonably require.