Section 19
Section 19
(1)
The manager of a registered fund shall ensure that, as regards the fund, proper accounts and records of its transactions are kept and shall within 3 months after the expiry of every fmancial year, or such longer period as the Authority may allow, cause a statement of accounts as regards the fund to be prepared; and every such statement shall include a balance sheet as on the last day of the financial year to which the statement relates.
12)
A statement of accounts referred to in subsection ( 1) shall give a true and fair view of the state of affairs of the registered fund to which it relates as at the end of the financial year to which the statement relates.
(3)
A statement of accounts referred to in subsection (1) or 16) shall be audited by an approved auditor who shall make a written report thereon to the manager of the fund.
(4)
The approved auditor by whom an audit under subsection (3) is to be carried out shall be appointed by the manager of the relevant registered fund.
15)
The manager of a registered fund shall within the period of 60 days beginning on the day of the receipt by him of the approved auditor's report in respect of the fund's accounts for a financial year, or such longer period as the
Authority may allow, furnish to the Authority -
fa) a report on the affairs of the fund for that year;
(b)
a copy of its 9udited statement of accounts for that year; and
(c)
a copy of the approved auditor's report for that year.
I6J
The Authority may at any time require the manager of a registered fund, within a period specified in the requirement or such longer period as the Authority may allow-fa) to cause to be prepared as regards the fund a statement of accounts of the kind specified in the requirement; and
(b)
when it is audited pursuant to subsection (3L to furnish to the
Authority a copy of that statement together with a copy of the approved auditor's report thereon.
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(7}
Where the requirements of subsection (3} are not complied with as regards a particular registered fund or the manager thereof fails to comply with a requirement imposed on him by subsection (4) or (5) or with a requirement under subsection (6), then, subject to the First Schedule, the Authority may -
fa} impose a fmancial penalty on the manager not exceeding $100,000;
or
{b)
revoke the manager's operator's licence or, as the case may be, his operator's permission, and where a penalty is imposed under this Order, an amount equal to that of the penalty shall be recoverable by the Government as a civil debt due to it from the person on whom the penalty was imposed.
[8)
As regards any particular registered fund, any reference in this section to a financial year shall each be construed as a reference to that fund's financial year.
Mutual fund's name.