Section 53

in respect of the whole or part (as the case may be) of a financial year, prepare such accounts and statements as are specified in, or ascertained in accordance with, the regulations;

retain the accounts and statements prepared in accordance with paragraph (a) for 5 years after the end of the period to which they relate;

within the prescribed period after the accounting period, give the Authority those accounts and statements duly audited by an auditor approved by the Authority; and

keep and retain records, where the records are relevant to the preparation of the accounts and statements of the airport licensee mentioned in paragraph (a), for such period and in such manner as prescribed in the regulations.

which is subject to any requirement under subsection (1) or (2); and

which contravenes any such requirement,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.