(1) A building society shall -
(a) cause proper accounting records to be kept on a continuous and consistent basis, and
(b) establish and maintain systems of control of its business and records and systems of inspection and report thereon,
in accordance with this section.
(2) The accounting records of a society shall be such as to -
(a) correctly record and explain the transactions of the society;
(b) disclose, with reasonable accuracy and promptness, the financial position of the society at any time;
(c) enable the directors properly to discharge the duties imposed on them by or under this Act and their functions of direction of the affairs of the society;
(d) enable the society properly to discharge the duties imposed on it by or under this Act; and
(e) enable the accounts of the society to be readily and properly audited.
(3) Without prejudice to the generality of subsection (1) or (2), accounting records kept pursuant to this section shall contain -
(a) entries from day to day of a
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