16.
| (1) The Executive Committee shall cause proper accounts to be kept of the income and expenditure, assets and liabilities, and all other transactions of the Fund. |
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| (2) the accounts of the Fund shall be audited, by a qualified auditor elected by the General Council at the previous annual general meeting. |
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| (3) The auditor referred to in subsection (2) shall as soon as practicable after the thirty-first day of December of each year, prepare a report on the administration of the affairs of the Fund, during that year, together with a statement of the income and expenditure of the Fund and of the investment of the money belonging to the Fund during that year. The auditor shall transmit such reports to the Executive Committee which shall cause a copy thereof to be placed before the General Council at the next annual meeting of the General Council. |
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| (4) in this section the expression "qualified auditor" means-
| | (a) an individual who, being a member of the Institute of Chartered Accountants of Sri Lanka or of any other institute established by law, possesses a certificate to practice as an accountant issued by the Council of such Institute; or | | |
| | (b) a firm of Chartered Accountants, each of the resident partners of which, being a member of the Institute, of Chartered Accountants of Sri Lanka, or of any other Institute established by law, possesses a certificate to practice as an Accountant issued by the Council of such Institute. | | |
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Sri Lanka Consolidated Acts