Clause 23

by deleting the words “this Act or any other Act” and substituting the words “this Part”;

by deleting the words “books and documents whatever” in paragraph (c) and substituting the words “accounts, books and other documents”;

by deleting the word “and” at the end of paragraph (e);

by deleting the full‑stop at the end of paragraph (f) and substituting a semi‑colon, and by inserting immediately thereafter the following paragraphs:“(g)a requirement that a Town Council must prepare and keep up‑to‑date a long‑term financial plan that relates to a period to be prescribed and containing prescribed information about the Town Council’s proposals for the repair, maintenance, management and improvement of common property within its Town for each financial year of the period to which the plan relates;

requirements for a Town Council which is or is likely to become insolvent, or which is or is likely to become unable to pay its debts (within the meaning as prescribed) —

to report to the Minister of that fact; and

to do or not to do any act or thing prescribed (which may include preparing a debt repayment plan and appointing one or more advisers to advise the Town Council on the proper management of its business);

the circumstances under which a surplus in —

an operating fund established for residential property in the housing estates of the Board within a Town may be transferred to an operating fund established for commercial property in those housing estates, and vice versa;

a sinking fund established under section 33(4) for residential property in the housing estates of the Board within a Town may be transferred to a sinking fund established under that provision for commercial property in those housing estates, and vice versa; or

a lift replacement fund established under section 33(4A) for residential property in the housing estates of the Board within a Town may be transferred to a lift replacement fund established under that provision for commercial property in those housing estates, and vice versa; and

the apportioning of moneys in the Town Council Fund for the purposes of section 34.”; and

by renumbering the section as subsection (1) of that section, and by inserting immediately thereafter the following subsection:“(2) In addition, the Financial Rules may —

provide that any contravention of any provision of the Financial Rules shall be an offence punishable with a fine not exceeding $5,000; and

provide for such saving, transitional and other consequential, incidental and supplemental provisions as the Minister considers necessary or expedient.”.