55. Duty to render accounts.

(1) Every treasurer of a registered trade union and every other officer and employee thereof who is responsible for the accounts of the union or for the collection, disbursement, custody or control of the funds or moneys thereof, shall enter or cause to be entered in the accounts of such union a record of all receipts by and payments out of the funds of the union and shall, upon resigning or vacating his office or employment and at least once in every year at such time as may be specified by the rules of the union and at any other times at which he may be required to do so by a resolution of the members of the union or by the rules thereof, or by the Director General render to the union and its members or to the Director General, as the case may be, a just and true account of all moneys received and paid by him during the period which has elapsed since the date of his assuming office, or if he has previously rendered an account, since the last date upon which he rendered such account, and of the balance remaining in his hands, at the time of rendering such account and of all bonds, securities, or other property of the trade union entrusted to his custody or under his control.

(2) The form of account may be prescribed by regulations.

(3) The account shall be verified by statutory declaration, and the union shall cause the account to be audited by some St and proper person approved by the Director General.

(4) After the account has been audited, the treasurer or other officer or employee referred to in subsection (1) shall forthwith hand over to the trustees of the union, if required by them to do so, such balance as appears to be due from him, and also, if so required, all bonds, securities, effects, books, papers and property of the union in his hands or custody, or otherwise under his control.