Section 27: Accounts of corporation

(1) Subject to subsection (3), a management committee shall maintain proper books or records of account and other financial records and shall prepare, not later than 15 months after the date of the registration of the corporation and thereafter every 12 months, financial statements which— (Amended 5 of 2007 s. 18)
(a) shall be signed by—
(i) the chairman of the management committee; and
(ii) the secretary or the treasurer of the management committee;
(b) if subsection (1A) is applicable, shall be audited under that subsection; and
(c) together with the accountant’s report made under subsection (1A), if any, shall be laid before the corporation at the annual general meeting of the corporation convened in accordance with paragraph 1(1) of Schedule 3. (Replaced 27 of 1993 s. 23. Amended 5 of 2007 s. 18)
(1AA) The financial statements referred to in subsection (1) shall include—
(a) an income and expenditure account which gives a true and fair view of the financial transactions of the corporation for the period to which it relates; and
(b) a balance sheet which gives a true and fair view of the financial position of the corporation as at the date to which the income and expenditure account is made up. (Added 5 of 2007 s. 18)
(1A) Except in the case of a corporation incorporated in respect of a building which contains not more than 50 flats, the financial statements referred to in subsection (1) shall be audited by an accountant retained by the corporation as may be approved by the corporation by a resolution passed at a general meeting and that accountant shall report as to whether such financial statements are, in his opinion, properly prepared so as to give a true and fair view of the financial transactions of the corporation for the period to which the income and expenditure account relates and the financial position of the corporation as at the date to which the income and expenditure account is made up, subject to such qualification, if any, as he may think fit. (Replaced 69 of 2000 s. 11. Amended 5 of 2007 s.
18)
(1B) In subsection (1A), “flats” (單位) does not mean any garage, carpark or carport. (Added 69 of 2000 s. 11)
(2) The management committee shall permit the Authority, an authorized officer, the tenants’ representative, an owner, a registered mortgagee or any person authorized in writing in that behalf by an owner or registered mortgagee to inspect the books of account at any reasonable time. (Amended 27 of 1993 s. 23)
(3) In the event of a contravention of subsection (1), every member of the management committee shall be guilty of an offence and shall be liable on conviction to a fine at level 5 unless he proves- (Amended 27 of 1993 s. 42; 69 of 2000 s. 11)
(a) that the offence was committed without his consent or connivance; and
(b) that he exercised all such due diligence to prevent the commission of the offence as he ought to have exercised in the circumstances.
(4) Schedule 6 shall have effect with respect to the maintenance of proper books or records of account and other records (including the keeping of such accounts and records), the inspection of any documents referred to in such accounts and records, the preparation of summaries of income and expenditure and the supply of copies of any documents in respect of those accounts and summaries. (Added 27 of 1993 s. 23. Amended 5 of 2007 ss. 18 & 52)
(5) In the event of any inconsistency between this section (which shall be construed to include Schedule 6) and the terms of a deed of mutual covenant or any other agreement, this section shall prevail. (Added 27 of 1993 s. 23. Amended 5 of 2007 s. 52)

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