(1)  The Board must ensure that there are proper accounts and records kept of the transactions and affairs of the Board and any other records as will sufficiently explain the financial operations and position of the Board.

(2)  The Board is to do all things necessary to –

(a) ensure that all money payable to the Board is properly collected; and

(b) ensure that all money expended by the Board is properly authorised; and

(c) ensure that adequate control is maintained over assets owned by, or in the custody of, the Board; and

(d) ensure that all liabilities incurred by the Board are properly authorised; and

(e) develop and maintain an adequate budgeting and accounting system; and

(f) develop and maintain an adequate internal audit system.

(3)  As soon as practicable after 30 June in each year, the Board must prepare a statement of accounts, in a form approved by the Auditor-General, having regard to subregulation (4) , showing a true and correct view of the financial position of the Fund as at that date and the transactions of the Fund with respect to the period of 12 months ending on that date.

(4)  For the purposes of subregulation (3) , the investments of the Fund are to be shown at market value as at 30 June in each year, with unrealised capital gains and losses being brought to account.