(1) The systems of control which are to be established and maintained by a credit union pursuant to section 108(1) are systems for the control of the conduct of its business as required by or under this Act and in accordance with the decisions of the board of directors and for the control of the accounting and other records of its business.

(2) Without prejudice to the generality of section 108(1), the systems of control must be such as to secure that the credit union's business is so conducted and its records so kept that -

(a) the information necessary to enable the officers, the credit union and the auditor to discharge their functions is sufficiently accurate, and is available with sufficient regularity and with sufficient promptness for those purposes, and

(b) the information obtained by or furnished to the Bank is sufficiently accurate for the purposes for which it is obtained or furnished and is available as and when required by the Bank.

(3) Every credit union shall establish and maintain a system to ensure the safe custody of all documents of title belonging to the credit union.