Local Government Act 2001

F181[Keeping of accounts and financial statements.


129R. (1) A BID company responsible for a BID scheme shall keep all proper and usual accounts of moneys received or spent by it, including an income and expenditure account and a balance sheet.

(2) Without limiting subsection (1), the BID company shall establish, operate and maintain financial systems, accounts, reporting and record keeping procedures, including the preparation of annual financial statements, which are based on generally accepted accounting principles and practices.

(3) The BID company shall

(a) submit to the rating authority a copy of its annual audited accounts no later than 12 weeks after the close of the financial year of the BID company to which those accounts relate, and

(b) on request of any person, provide a copy of those accounts at a price not exceeding the reasonable cost of reproduction.

(4) The rating authority may also require the preparation and submission to it of statements of the financial position of the BID company.

(5) Statements of financial position submitted shall contain such detail and be prepared and submitted at such intervals as may be specified by the rating authority.]




New Part 13A (ss. 129A-129T) inserted (24.04.2007) by Local Government (Business Improvement Districts) Act 2006 (42/2006), s. 6, S.I. No. 165 of 2007.