PART XI
ACCOUNTS AND STATEMENTS
46. Financial year
The financial year of the Bank shall begin on the first day of April and end on the thirty-first day of March: Provided that the first financial year of the Bank may begin on a day after the first day of April and end on the thirty-first day of March next following.
47. Audit
The accounts of all transactions of the Bank shall be audited by an auditor appointed by the Bank from a list approved by the Council.
48. Publication of reports, etc
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(1) Within 3 months of the close of each financial year the Bank shall—
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(a) transmit to each of the Participating Governments a copy of its annual accounts certified by the auditor and such annual accounts shall be published as soon as may be ;
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(b) transmit to each of the Participating Governments and publish a report on its operations during the year ;
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Provided that the annual accounts and the report may be published within 4 months of the close of the first financial year of the Bank.
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(2) The Bank shall, as soon as may be, make up and publish a return of its assets and liabilities as at the close of business on the last business day of each month and shall transmit a copy to each of the Participating Governments.
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(3) The Bank shall include in the monthly return the proportion which the value of the reserve of external assets bears to its notes and coins in circulation and other demand liabilities.
49. Request for audit in exceptional circumstances
The Council may at any time require an auditor or board of audit to examine and report on the accounts of the Bank, as a whole, or any aspect of the Bank's operations and the Bank shall provide the auditor or board of audit with all necessary and proper facilities for such an examination.