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(1)A registered society must ensure that proper books of account are kept with respect to its transactions and its assets and liabilities.
(2)The duty under subsection (1) includes a duty to ensure that there are kept such books as are necessary to—
(a)give a true and fair view of the state of the society’s affairs, and
(b)explain its transactions.
(3)A registered society must establish and maintain a satisfactory system of control of its—
(a)books of account,
(b)cash holdings, and
(c)receipts and remittances.
(1)A registered society may keep a book of account by—
(a)making entries in bound books, or
(b)recording the matters in question in any other way.
(2)Where a book of account is kept otherwise than by making entries in a bound book, the society must take adequate precautions for—
(a)guarding against falsification, and
(b)facilitating its discovery.
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