Singapore legislation
Clause 81
Clause 81
Trustees to keep accounts and to render annual returns of accounts
(1)
The trustees of any body or association of persons incorporated pursuant to this Part of this Act shall, in books to be kept by them for that purpose, regularly enter or cause to be entered full and true accounts of all moneys received and paid respectively on account of such body or association of persons.
(2)
The said trustees shall, on or before the 25th day of March in every year, or upon such other day as may be appointed by the Public Trustee, prepare and make out the following accounts in relation to the said body or association of persons —
an account of the gross income arising from any endowment or which ought to have arisen therefrom during the year ending on the 31st day of December immediately preceding, or upon such other day as may have been appointed for this purpose by the Public Trustee;
an account of all balances in hand at the commencement of the year and of all monies received during the same year on account of the said body or association of persons;
an account for the same period of all payments; and
an account of all monies owing to or from the said body or association of persons, so far as conveniently may be.
(3)
The accounts prescribed under subsection (2) of this section shall be certified under the hand of all the said trustees who are in Singapore and shall be audited by the auditor of the said body or association of persons (if any) and the said trustees shall within fourteen days after the day appointed for making out the said accounts file a copy thereof with the Public Trustee and every such copy shall be open to inspection of all persons at all reasonable hours upon payment of the prescribed fee, and any person may require a copy of every such account, or of any part thereof, on paying therefor the prescribed fee.
(4)
The said trustees shall, at the same time as the accounts prescribed under subsection (2) of this section are filed with the Public Trustee in accordance with the provisions of subsection (3) of this section for the first time after the grant of a certificate of incorporation pursuant to this Part of this Act, file with the Public Trustee an account of any endowments then belonging to the said body or association of persons, showing in the case of immovable property not in hand the manner in which the same is let or occupied and in the case of movable property the existing investment or employment thereof and in what names such investments are made, and thereafter the said trustees or trustee shall, on every occasion upon which the said accounts are filed as aforesaid with the Public Trustee after the acquisition of any endowment not included in the foregoing account, or after the alienation, charge or transfer of any movable or immovable property of the said body or association of persons, file with the Public Trustee a similar account of such last-mentioned endowment and an account of such alienation, charge or transfer (as the case may be).