11(1)The Committee shall keep proper accounts and proper records in relation to the accounts, and shall prepare in respect of each financial year a statement of accounts in such form as the Commission may direct.
(2)The accounts of the Committee shall be audited by auditors to be appointed by the Committee with the approval of the Commission.
[F1(3)A person shall not be qualified to be appointed in pursuance of sub-paragraph (2) unless he is eligible for appointment as a company auditor under section 25 of the Companies Act 1989.]
(4)The Committee shall at all reasonable times upon demand made by the Commission or by any persons authorised by them in that behalf—
(a)afford to them full liberty to examine the accounts of the Committee; and
(b)furnish them with all forecasts, estimates, information and documents which they may require with respect to the financial transactions and commitments of the Committee.
Textual Amendments
F1Sch. 19 para. 11(3) substituted (1.10.1991) by S.I. 1991/1997, reg. 2, Sch. para.77(7).