(1) Every credit union shall -
(a) cause proper accounting records, whether in the form of documents or otherwise, to be kept on a continuous and consistent basis, that is to say, the entries shall be made in a timely manner and be consistent from one year to the next, and
(b) establish and maintain systems of control of its business and records,
in accordance with this section and section 109.
(2) The accounting records of a credit union shall be such as -
(a) correctly to record and explain the transactions of the credit union;
(b) to disclose, with reasonable accuracy and promptness, the financial position of the credit union at any time;
(c) to enable the officers properly to discharge the duties imposed on them by or under this Act;
(d) to enable the credit union properly to discharge the duties imposed on it by or under this Act; and
(e) to enable the accounts of the credit union to be readily and properly audited.
(3) Without prejudice to the generality of subsections (1) and (2
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