Section 70: Keeping of accounts and records
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
70. Keeping of accounts and records
(1) Every society shall keep proper books of accounts and other books,
manually or electronically, for the purpose of recording all transactions
relating to its undertakings, funds, activities and properties.
(2) A society shall—
(a) ensure that all payments are authorised and correctly made and
adequate control is maintained over its income, its expenditure,
assets and liabilities;
(b) keep all accounts and records in such manner that they truly
reflect the financial situation of the society so that the Registrar,
Principal Co-operative Auditor, internal controller or the auditor
can, at all reasonable times, have access to them; and
(c) ensure that all accounts in respect of a financial year are drawn
up and audited in accordance with this Act, its rules and other
relevant enactments.
(3) The Registrar may, where a society fails to keep records, registers
and books in accordance with subsection (1), appoint such person as he may
determine to keep the necessary books of accounts.
(4) The remuneration of the person appointed under subsection (3) and
the costs, if any, incurred in the performance of the work shall be paid out of
the funds of the society.