Section 57

the collection, receipt, custody, issue, expenditure, due accounting for, care and management of all moneys of a Town Council and the guidance of all persons concerned therein;

the more effectual record, examination, inspection and check of all receipts and expenditure and the keeping of all necessary books and accounts;

the forms for all accounts, books and other documents required under the provisions of this Act or the rules made under this Act;

the purchase, safe custody, issue, sale or other disposal or writing‑off of stores and other property of a Town Council, and the proper accounting for, and stocktaking of, such stores and property;

the preparation of estimates of revenue and expenditure; (f)the making of advances to officers of a Town Council and other persons and the rates and limits of such advances and the rates of interest thereon;

a requirement that a Town Council must prepare and keep up‑to‑date a long-term financial plan that relates to a period to be prescribed and containing prescribed information about the Town Council’s proposals for the repair, maintenance, management and improvement of common property within its Town for each financial year of the period to which the plan relates;

requirements for a Town Council which is or is likely to become insolvent, or which is or is likely to become unable to pay its debts (within the meaning as prescribed) —

to report to the Minister of that fact; and

to do or not to do any act or thing prescribed (which may include preparing a debt repayment plan and appointing one or more advisers to advise the Town Council on the proper management of its business);

the circumstances under which a surplus in —

an operating fund established for residential property in the housing estates of the Board within a Town may be transferred to an operating fund established for commercial property in those housing estates, and vice versa;

a sinking fund established under section 47(4) for residential property in the housing estates of the Board within a Town may be transferred to a sinking fund established under that provision for commercial property in those housing estates, and vice versa; or

a lift replacement fund established under section 47(5) for residential property in the housing estates of the Board within a Town may be transferred to a lift replacement fund established under that provision for commercial property in those housing estates, and vice versa; and

the apportioning of moneys in the Town Council Fund for the purposes of section 48.

provide that any contravention of any provision of the Financial Rules shall be an offence punishable with a fine not exceeding $5,000; and

provide for such saving, transitional and other consequential, incidental and supplemental provisions as the Minister considers necessary or expedient.[43