Cap. 16 Art. 10Records, accounts and reports.

(1) Administrators shall keep records of -

(a) all assets and liabilities; and

(b) all income and expenditure, of the organisation for annual financial periods.

(2)Administrators shall prepare such accounts and reports at such times and with such form and content as may be prescribed or as may be applicable to their particular legal form. Such accounts and reports shall be reviewed and shall be published and, or filed as may be prescribed or as may be required by applicable law.

(3)Until such time as:

(a) the form and content of accounts and reports; and

(b) the rules on review, publication and, or filing are prescribed in terms of sub-article (2), for legal organisations, the form of which is not regulated by a special law, in which case the special law shall apply, the following rules shall apply, unless the legal organisation opts that accounts are drawn up, prepared, reviewed and published for each financial period in accordance with generally accepted accounting principles and practice, as defined in the Accountancy Profession Act, or subject to the advice of a certified public accountant and auditor, by some other principles and practices, as may be chosen from time to time by the administrators:

(i) in the case of organisations established exclusively for public benefit, the provisions applicable to enrolled voluntary organisations shall apply, irrespective of whether such organisations are enrolled or not: Provided that this paragraph shall not apply to organisations established for a political purpose, which shall be regulated mutatis by the Financing of Political Parties Act: mutandis Provided further that, when the organisation is not a political party as defined under article 2 of the Financing of Political Parties Act but is only controlled by or affiliated to a political party, or its purpose as stated in its statute or constitutive deed, is such as renders it non-autonomous;

(ii) in the case of private interest foundations: A.in the case of foundations which are permitted to carry out commercial activities under article 31B, in lieu of the requirements prescribed under articles 13 to 18 of the Commercial Code, the provisions of Chapter IX and X of Part V of Title I of the Companies Act shall apply mutatis mutandis and any references made to the Registrar of Companies shall be made to the Registrar for Legal Persons: Provided that the Minister shall have the power to issue regulations on matters stated in articles 188 and 189 of the

Companies Act and also to exclude the application of specific articles or sub-articles of the said Act and to determine the manner in which they are to apply in such context;

B. in the cases mentioned in article 31C, any guidelines as may be issued from time to time by the competent authorities, relating to trusts and trustees; C.in the case of associations where all the members are limited liability companies, the provisions of paragraph A shall also apply; and D. in all other cases of associations where the members are not all limited liability companies, sub-article (1) and (2) and any relevant regulations shall apply and, in the absence of specific regulations, the accounting rules and conventions relating to civil partnerships shall apply.

(4)Such accounts, reports and records shall be held for a period of ten years after the relevant annual period to which they refer, or for such other period imposed in relation to an organisation under any special law applicable to its legal form.

Sub-Title III

Of the Registrar