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Trustees to keep accounts and to render annual returns of accounts

Trustees Act 1967

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—(1) The trustees of any body or association of persons incorporated under this Part must regularly enter or cause to be entered, in books to be kept by them for that purpose, full and true accounts of all moneys received and paid respectively on account of the body or association of persons.(2) The trustees mentioned in subsection (1) must, on or before 25 March in every year, or upon any other day appointed by the Public Trustee, prepare and make out the following accounts in relation to the body or association of persons mentioned in subsection (1):(a)an account of the gross income arising from any endowment or which ought to have arisen from any endowment during the year ending on 31 December immediately preceding, or upon any other day appointed for this purpose by the Public Trustee;(b)an account of all balances in hand at the commencement of the year and of all moneys received during the same year on account of the body or association of persons;(c)an account for the same period of all payments; and(d)an account of all moneys owing to or from the body or association of persons, so far as is convenient.(3) The accounts prescribed under subsection (2) must be certified under the hand of all the trustees mentioned in subsection (1) who are in Singapore and must be audited by the auditor of the body or association of persons, if any.(4) The trustees mentioned in subsection (1) must, within 14 days after the day appointed for making out the accounts referred to in subsection (2), file a copy of the accounts with the Public Trustee and every such copy is open to inspection of all persons at all reasonable hours upon payment of the prescribed fee.(5) Any person may require a copy of every such account, or of any part of the account, on paying the prescribed fee.(6) The trustees mentioned in subsection (1) must, at the same time as the accounts prescribed under subsection (2) are filed with the Public Trustee in accordance with subsection (4) for the first time after the grant of a certificate of incorporation under this Part, file with the Public Trustee an account of any endowments then belonging to the body or association of persons, showing —(a)in the case of immovable property not in hand the manner in which the same is let or occupied; and(b)in the case of movable property the existing investment or employment of the property and in what names the investments are made.(7) Subsequently, the trustees or trustee must, on every occasion upon which the accounts are filed as mentioned in subsection (6) with the Public Trustee after the acquisition of any endowment not included in the accounts, or after the alienation, charge or transfer of any movable or immovable property of the body or association of persons, file with the Public Trustee a similar account of the endowment or an account of the alienation, charge or transfer, as the case may be.

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