48. Accounts to be kept

The Authority shall prepare in respect of each financial year ending on 31st December a statement of accounts in a form approved by the Minister.

The Authority shall keep proper accounts and records of its transactions and affairs and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Authority and over the expenditure incurred by the Authority.[45