108.—(1) Every credit union shall—

(a) cause proper accounting records, whether in the form of documents or otherwise, to be kept on a continuous and consistent basis, that is to say, the entries shall be made in a timely manner and be consistent from one year to the next, and

(b) establish and maintain systems of control of its business and records,

in accordance with this section and section 109.

(2) The accounting records of a credit union shall be such as—

(a) correctly to record and explain the transactions of the credit union;

(b) to disclose, with reasonable accuracy and promptness, the financial position of the credit union at any time;

(c) to enable the officers properly to discharge the duties imposed on them by or under this Act;

(d) to enable the credit union properly to discharge the duties imposed on it by or under this Act; and

(e) to enable the accounts of the credit union to be readily and properly audited.

(3) Without prejudice to the generality of subsections (1) and (2), accounting records kept pursuant to this section shall contain—

(a) entries from day to day of all sums of money received and expended by the credit union and the matters in respect of which the receipt and expenditure take place;

(b) a record of the assets and liabilities of the credit union and entries from day to day of every transaction entered into by the credit union which will or may give rise to liabilities or assets of the credit union; and

(c) in respect of the provision of services, whether under section 48 or otherwise, a record of the services provided and all transactions relating to them.

(4) For the purposes of subsection (1) proper accounting records shall be deemed to be kept if they comply with subsections (2) and (3) and give a true and fair view of the state of affairs of the credit union and explain its transactions.

(5) The accounting records of a credit union—

(a) shall be kept at the registered office of the credit union or at such other place in the State as the board of directors think fit; and

F332[ (b) shall at all reasonable times be open to inspection by the members of the board of directors and the board oversight committee.]

(6) Every record required to be kept under this section shall be preserved by the credit union for not less than six years from the latest date to which it relates.

F333[ (7) Where the accounting records of the credit union are kept at a place other than the registered office of the credit union, the chair shall have responsibility for ensuring that a written record of their location is kept.]

(8) Where a credit union conducts its business in more than one place, the board of directors shall ensure that such accounting records are kept and such systems of control are established and maintained for each of those places as will enable the credit union to comply with this section and section 109.

(9) A credit union shall take adequate precautions to ensure the safe keeping of the accounting records of the credit union no matter what form they may take.