S.L. 403.25 Art. 13Accounts of the Protection and Compensation Fund. Cap. 386.

(1) The Management Committee shall cause proper books of account to be kept with respect to:

(a) all sums of money received and disbursed by the Protection and Compensation Fund and the matters in respect of which the receipt and disbursements take place; and

(b) the assets and liabilities of the Protection and Compensation Fund.

(2) Subject to the provisions of article 50 of the Act and without prejudice to any separate treatment to be given under the said provisions, separate accounts shall also be kept in respect of Funds A, B, C and D. For the purposes of Fund A, separate accounts shall be kept for contributions levied for general business and contributions levied for long term business. All contributions and any income derived in respect of any of Fund A, B, C and D respectively, as the case may be, shall be utilised exclusively for disbursements relating to each of the respective Fund:

Provided that, notwithstanding the provisions of regulations 17(6), 27(6) and 9(4), nothing in this sub-regulation shall prevent the payment of sums belonging to the Protection and Compensation Fund to meet administrative, legal, judicial or other costs common to two or more Funds, subject to such costs being properly apportioned between such Funds.

(3) The books of account shall be kept at the offices of the Protection and Compensation Fund or at such other place as the Management Committee deems fit.

(4) The provisions of article 181 of the Companies Act shall, in so far as they are not incompatible, apply to the balance sheet and profit and loss account of the Protection and Compensation Fund by the substitution for references to ''company'' and ''directors'' in the said provisions with references to ''the Protection and Compensation Fund'' and ''members of the Management Committee'' respectively.