8.—(1) A local authority may by resolution require the preparation and submission to their members of statements of the financial position of the local authority.
(2) The following provisions shall have effect in relation to financial statements required by resolution of a local authority under subsection (1) of this section:—
(a) they shall be in such detail and shall be prepared and submitted at such intervals as may be specified in the resolution,
(b) they shall be prepared and submitted—
(i) in the case of a local authority having an estimates committee, by the committee with the assistance of the manager, and
(ii) in any other case, by the manager.