(1) The treasurer of a credit union shall act as the managing director of the credit union and shall, not later than the last day of each month, submit to the board of directors (in unaudited form and described as such) a financial statement showing -
(a) the income and expenditure of the credit union for the period from the beginning of the current financial year to the end of the preceding month; and
(b) a balance sheet for the same period.
(2) Subject to such limitations and controls as may be imposed by the board of directors, the treasurer of a credit union shall -
(a) ensure that proper systems of internal control are kept by the credit union;
(b) have custody of all funds, securities and documentation relating to the assets of and other assets of the credit union;
(c) provide, or cause to be provided, and maintain full and complete records of all assets, liabilities, income and expenditure of the credit union;
(d) prepare, or cause to be prepared, and submit to the auditor