Singapore legislation
Clause 8
Clause 8
Accounts to be kept
(1)
The Council shall —
cause to be kept full and proper accounts and records of all financial transactions of the Singapore Business Federation;
ensure that payments out of the funds of the Federation are correctly made and properly authorised; and
ensure that adequate control is maintained over the assets and receipts of the funds of the Board.
(2)
The accounts of the Singapore Business Federation shall be audited by an auditor to be appointed by the Council with the approval of the Board.
(3)
A person shall not be qualified for appointment as an auditor under subsection (2) unless he is an approved company auditor under the Companies Act (Cap. 50).
(4)
The Council shall cause a copy of the audited accounts of the Singapore Business Federation and the auditor’s report to be submitted to the Board.
(5)
The Minister may, by regulations made under section 13, provide for the proper control and management of the funds of the Singapore Business Federation and for the proper accounting, reporting, auditing and periodic examination of the accounts of the Federation.