Clause 27

The Secretary of the Board shall keep or cause to be kept full and true accounts of all properties, funds, securities, investments and assets belonging to or arising out of the endowments administered by the Board and also of all moneys received and paid respectively on account of such endowments and shall as soon as possible after the 31st day of December of every year, but not later than the 30th day of September of the following year, prepare and submit to a meeting of the Board a report on the activities of the Board for the preceding year, together with a balance-sheet as at the 31st day of December, an income and expenditure account for the year and a list of properties and investments of each endowment showing their cost, if bought, and estimated value as at the 31st day of December.

The said annual balance-sheet, income and expenditure account and list of properties and investments shall, prior to their submission to a meeting of the Board, be audited and certified as correct by an auditor to be appointed by the Board and approved by the Minister.