Credit Union Act, 1966

Keeping of books of account by a credit union.

7.—(1) Every credit union shall cause to be kept proper books of account relating to all sums of money received and expended by the credit union, the matters in respect of which the receipt and expenditure takes place and the assets and liabilities of the credit union.

(2) For the purposes of subsection (1) of this section, proper books of account shall not be deemed to be kept in relation to the matters aforesaid if there are not kept such books as are necessary to give a true and fair view of the state of the credit union's affairs and to explain its transactions.

(3) Every record required to be kept under this section shall be preserved by the credit union for a period of six years after the date to which it relates.

(4) The financial year of a credit union shall end on the 31st day of December and section 14 of the Principal Act shall, as respects a credit union, be construed as requiring the annual return therein mentioned to be made out to that date, and to be sent to the registrar within one month after the annual general meeting.

(5) (a) The directors of a credit union shall lay before the annual general meeting thereof an account of the income and expenditure of the credit union for the period (in the case of the first account) since the registration of the credit union or (in any other case) since the preceding account, made up in every case to the end of the most recent financial year which has ended.

(b) The directors of a credit union shall cause to be made out and laid before the annual general meeting thereof a balance sheet of the credit union as at the end of the most recent financial year which has ended.

(c) Every account of the income and expenditure of a credit union shall give a true and fair view of the income and expenditure of the credit union for the relevant financial year and every balance sheet of a credit union shall give a true and fair view of the state of affairs of the credit union as at the end of the relevant financial year.

(d) References in this subsection to an account of income and expenditure shall include references to an account of profit and loss.