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10. Accounts—(1) The Council must keep full and correct accounts of all money received and expended by it, and all other financial transactions that the Society or the Council engages in.

(2) The financial year of the Society is—

(3) The Council must, as soon as practicable after the end of each financial year, cause full and true statements and accounts of all its income and expenditure in that year and of its assets and liabilities at the end of that year to be prepared.

(4) The Council must appoint an auditor in accordance with section 199 of the Companies Act 1993 to audit the accounts of the Society as soon as practicable after the end of each financial year.

11. Exemption from taxes—The Society is declared to be exempt from the payment of income tax.

Cf. 1965, No. 38, s. 19

12. Investment of money—Subject to the terms of any deed of trust or endowment, any money belonging to or vested in the Society and available for investment may be invested in any such manner as the Council may, subject to the rules, determine from time to time.

Cf. 1965, No. 38, s. 22

13. Application of income and capital of Society—Subject to the provisions of this Act and to the terms of any deed of trust or endowment, the income and capital of the Society must be applied in doing whatever the Council thinks expedient in order that the Society may accomplish its object.

14. Bank accounts—(1) The Council must open at any bank or banks such accounts as are necessary for the performance of its functions.

(2) All money received by the Society or by any member, officer, or employee of the Society for the purposes of the Society, must, as soon as practicable after it has been received, be paid into such bank accounts of the Society as the Council from time to time determines.

(3) The withdrawal or payment of money from any such accounts must be authorised in such manner as the Council thinks fit.

(4) Any bank account of the Society must be operated only by cheque or other instrument signed by a member, officer, or employee of the Society authorised by the Society to do so, and must be countersigned by another member, officer, or employee of the Society authorised to do so.

15. Contracts—(1) Any contract which, if made by private persons, must be by deed shall, if made by the Council, be in writing under the common seal of the Society.

(2) Any contract which, if made by private persons, must be signed by the parties to be charged with it shall, if made by the Council, be either under the common seal of the Society or signed by the President or a Councillor or