Keeping of accounts Clause Samples
The "Keeping of accounts" clause requires a party, typically one handling funds or financial transactions, to maintain accurate and detailed records of all relevant financial activities. In practice, this means the party must systematically document receipts, payments, and other monetary dealings, often in accordance with generally accepted accounting principles or other specified standards. This clause ensures transparency and accountability, making it possible for the other party to review or audit the records if needed, thereby reducing the risk of disputes or financial mismanagement.
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Keeping of accounts. (a) The Manager shall maintain proper books or records of account and other financial records and shall keep all bills, invoices, vouchers, receipts and other documents referred to in those books and records for at least 6 years. The Manager shall keep separate management accounts for:
(i) the Development Common Parts and the Development Management Expenses;
(ii) the Residential Common Parts and the Residential Management Expenses; and
(iii) the Parking Common Parts and the Parking Management Expenses.
(b) Within one month after each consecutive period of 3 months, or such shorter period as the Manager may select, the Manager shall prepare a summary of income and expenditure and a balance sheet in respect of that period, display a copy of the summary and balance sheet in a prominent place in the Development, and cause it to remain so displayed for at least 7 consecutive days.
(c) Within 2 months after the end of each Financial Year, the Manager shall prepare an income and expenditure account and balance sheet for that year, display a copy of the income and expenditure account and balance sheet in a prominent place in the Development, and cause it to remain so displayed for at least 7 consecutive days.
(d) Each income and expenditure account and balance sheet shall include details of the Special Fund and an estimate of the time when there will be a need to draw on that Fund, and the amount of money that will be then needed.
(e) Prior to the formation of the Owners’ Corporation, if the Owners at an Owners’ meeting convened under this Deed decide that any income and expenditure account and balance sheet for a Financial Year should be audited by an independent auditor of their choice, the Manager shall without delay arrange for such an audit to be carried out by that auditor.
(f) If there is an Owners’ Corporation and the Owners’ Corporation decides, by a resolution of the Owners, that any income and expenditure account and balance sheet should be audited by an accountant or by some other independent auditor as may be specified in that resolution, the Manager shall without delay arrange for such an audit to be carried out by that person and:
(i) permit any Owner, at any reasonable time, to inspect the audited income and expenditure account and balance sheet and the report made by the accountant or auditor in respect of the income and expenditure account and balance sheet; and
(ii) on payment of a reasonable copying charge, supply any Owner with a copy of the a...
Keeping of accounts. The Trustee shall keep accurate and detailed accounts of all investments, reinvestments, receipts and disbursements and all other records of all its transactions under this Agreement. These accounts, books and records shall be open to inspection during regular business hours of the Trustee by the Committee or the Plan Administrator or any person or persons designated by the Committee or the Plan Administrator in a written instrument filed with the Trustee. The Trustee need not keep records of the interests in the Trust Fund of individual Participants and beneficiaries unless it agrees with the Committee or the Bank to keep such records under a separate agreement adopted under Section 3.05 of this Agreement.
Keeping of accounts. (a) The Manager shall maintain proper books or records of account and other financial records and shall keep all bills, invoices, vouchers, receipts and other documents referred to in those books and records for at least 6 years. The Manager shall keep separate management accounts for:
(i) the Development Common Parts and the Development Management Expenses;
(ii) the Residential Common Parts and the Residential Management Expenses;
(iii) the Platform 1 Towers Common Parts and the Platform 1 Towers Management Expenses;
(iv) the Platform 1 Parking Common Parts and the Platform 1 Parking Management Expenses;
(v) the Platform 2 Towers Common Parts and the Platform 2 Towers Management Expenses;
(vi) the Platform 2 Parking Common Parts and the Platform 2 Parking Management Expenses;
(vii) the Platform 3 Houses Common Parts and the Platform 3 Houses Management Expenses; and
(viii) the Platform 3 Parking Common Parts and the Platform 3 Parking Management Expenses;
(b) Within one month after each consecutive period of 3 months, or such shorter period as the Manager may select, the Manager shall prepare a summary of income and expenditure and a balance sheet in respect of that period, display a copy of the summary and balance sheet in a prominent place in the Development, and cause it to remain so displayed for at least 7 consecutive days.
(c) Within 2 months after the end of each Financial Year, the Manager shall prepare an income and expenditure account and balance sheet for that year, display a copy of the income and expenditure account and balance sheet in a prominent place in the Development, and cause it to remain so displayed for at least 7 consecutive days.
(d) Each income and expenditure account and balance sheet shall include details of the Special Fund and an estimate of the time when there will be a need to draw on that Fund, and the amount of money that will be then needed.
(e) Prior to the formation of the Owners’ Corporation, if the Owners at an Owners’ meeting convened under this Deed decide that any income and expenditure account and balance sheet for a Financial Year should be audited by an independent auditor of their choice, the Manager shall without delay arrange for such an audit to be carried out by that auditor.
(f) If there is an Owners’ Corporation and the Owners’ Corporation decides, by a resolution of the Owners, that any income and expenditure account and balance sheet should be audited by an accountant or by some other independent audit...
Keeping of accounts. 5.1 CAL will maintain records in respect of the FINI Client Account showing full details of the property held by CAL in trust for the benefit of the Client and all movements in and out of the FINI Client Account in respect of such property. The Client acknowledges that CAL will also maintain similar records in respect of the other clients of CAL on behalf of whom CAL holds property on trust for. Such records will be maintained in such a manner as to show such property and its movements as though they were in a distinct and separate sub-account within the Approved Account.
5.2 CAL will ensure that only the property of the Client and other clients of CAL for whom CAL also holds property on trust will be credited to the FINI Client Account and no other property will be mixed with the property of the Client and such other clients in the FINI Client Account. For the avoidance of doubt, CAL will not mix its own property with the property held for the Client or other clients in the Approved Account.
Keeping of accounts. 20- Section 9.02 Rendering of Accounts...............................................................-20- Section 9.03 Discharge of Trustee................................................................-21- Section 9.04 Right to Judicial Settlement........................................................-21- Article X REMOVAL AND RESIGNATION OF THE TRUSTEE
Keeping of accounts. 8.2.1 The Manager shall maintain proper books or records of account and other financial records and shall keep all bills, invoices, vouchers, receipts and other documents referred to in those books and records for at least 6 years.
8.2.2 Within 1 month after each consecutive period of 3 months, or such shorter period as the Manager may select, the Manager shall prepare a summary of income and expenditure and a balance sheet in respect of that period, display a copy of the summary and balance sheet in a prominent place in the Development, and cause it to remain so displayed for at least 7 consecutive days.
Keeping of accounts. The Trustee shall keep full records showing all transactions with relation to the Fund and also showing the proportionate interest and the value thereof, on each valuation date, of each Participant. The Trustee shall keep its accounts on the basis of a fiscal year with shall begin on January first of each year and end December thirty-first of each year. The Trustee shall keep its accounts on the accrual basis. The Trustee shall determine the form in which its records and accounts shall be kept; provided that there shall be both a principal and an income account, to be kept in accordance with the determinations of principal and income made by the Trustee pursuant to Article V. In the Trustee’s discretion, the principal account may also reflect unrealized gains and losses. The annual accounts shall be subject to review by independent accountants according to standards and procedures established from time to time by the Investment Committee. Reasonable information regarding any such account shall be provided to any Participant on the Participant’s request.
Keeping of accounts. Should Participants agree to maintain common funds for the payment of obligations under a programme of work and budget of the Task, the following provisions shall be applicable unless the Executive Committee, acting by unanimity, decides otherwise:
Keeping of accounts. The Manager shall maintain proper books or records of account and other financial records of all payments made to and all expenditure incurred by the Manager in the exercise of its powers and duties hereunder and shall keep all bills, invoices, vouchers, receipts and other documents referred to in those books and records for at least 6 years. The Manager shall keep separate management accounts and budgets for:
i. the Development Common Parts and the Development Management Expenses; ii. the Residential Common Parts and the Residential Management Expenses; and iii. the Parking Common Parts and the Parking Management Expenses. In addition, within 1 month after each consecutive period of 3 months, or such shorter period as the Manager may select, the Manager shall prepare a summary of income and expenditu re a n d a b a l a n c e s h e e t in respect of its management of the Lot and the Development for that period and shall display a copy of the summary and balance sheet in a prominent place in the Development for at least 7 consecutive days.
Keeping of accounts. The Manager shall maintain proper books or records of account and other financial records of all payments made to and all expenditure incurred by the Manager in the exercise of its powers and duties hereunder and shall keep all bills, invoices, vouchers, receipts and other documents referred to in those books and records for at least 6 years. The Manager shall keep separate management accounts and budgets for:
i. the Development Common Parts and the Development Management Expenses; ii. the Residential Common Parts and the Residential Management Expenses; and iii. the Parking Common Parts and the Parking Management Expenses. In addition, within 1 month after each consecutive period of 3 months, or such shorter period as the Manager may select, the Manager shall prepare a summary of income and expenditu re a n d a b a l a n c e s h e e t in respect of its management of the Lot and the Development for that period and shall display a copy of the summary and balance sheet in a prominent place in the Development for at least 7 consecutive days.