|The Committee and the Public Trustee shall cause true accounts to he kept,—
|Of the sums received and expended by the corporation, and the matter in respect of which such receipts and expenditure takes place; and
|Of the credits and liabilities of the corporation.
|The books of accounts, including copies of the Public Trustee's accounts, shall be kept at the office of the corporation, and, subject to any resolution as to the time and manner of inspecting the same that may be imposed by the proprietors in general meeting, shall be open to the inspection of the proprietors during the hours of business.
|Once at least in every year the Committee and the Public Trustee shall lay before the proprietors in general meeting a statement of the income and expenditure for the past year, made up to a date not more than three months before such meeting.
|The statement so made shall show, arranged under the most convenient heads, the amount of gross income, distinguishing the several sources from which it has been derived, and the amount of gross expenditure, distinguishing the expenses of administration and management, salaries, and other like matters.
|Every item of expenditure fairly chargeable against the year's income shall be brought into account, so that a just balance may be laid before the meeting; and in case where any item of expenditure which may in fairness be distributed over several years has been incurred in any one year, the whole amount of such item shall be stated, with the addition of the reasons why only a portion of such expenditure is charged against the income of the year.
|A balance-sheet shall be made out in every year and laid before the proprietors in general meeting, and such balance-sheet shall contain a summary of the property and liabilities of the corporation, arranged under their proper heads.