Article 76 - Appointment of Administration Officer and Maintenance of Accounting Records
(1) Unless resolved otherwise by Special Resolution of Members, a finance officer (who may also be referred to as an administration officer) for the Investment Club must be appointed to ensure that the Investment Club meets its obligations to maintain accounting Records. In particular, the functions of the administration officer shall include:
a. maintenance of the financial books and records of the Investment Club;
b. calculation of the net asset value of the portfolio of the Investment Club;
c. the preparation of financial accounts of the Investment Club;
d. the preparation of financial reports for presentation to the directors and/or Members;
e. reconciliation of statements provided by any brokers against transactions entered into by the Investment Club;
f. payment of the Investment Club expenses;
g. the calculation and payment of dividends and any other distributions; and
h. ensuring compliance with the obligations of the Investment Club under the AML/CFT Law as set out in Article 93.
(2) Every Investment Club must keep proper accounting Records with respect to all sums of money received and expended by the Investment Club and all sales and purchases of goods and services and other transactions by the Investment Club and the assets and Liabilities of the Investment Club. Such accounting Records, must be sufficient to show and explain all transactions by the Investment Club and must be recorded in such a manner as to:
a. disclose with reasonable accuracy the financial position of the Investment Club at any time; and
b. enable the directors to ensure that any accounts prepared by the Investment Club comply with the requirements of these Regulations.
|Derived (as from 20th December 2016).|