(1) A trade union or employers' organization shall have power to apply the funds of the trade union or employers' organization for any lawful objects or purposes authorized under its constitution.
(2) All funds received by, or on behalf of a trade union or employers' organization, shall be deposited in a bank account of the trade union or employers' organization or in a financial institution approved by the Registrar.
(3) Any expenditure of funds by or on behalf of a trade union or employers' organization, shall be evidenced by a written receipt or voucher, which shall be kept with the accounts of the trade union or employers' organization.
(4) The person responsible for the custody of a trade union's or employers' organization's funds and property, including records, shall hand over such funds and property to the trade union or employers' organization when he or she leaves office, or earlier, if so directed by the governing body of the trade union or employers' organization.
(5) Upon the application of a member or officer of the trade union or employers' organization, the Tribunal may make such order as it deems necessary to secure compliance with this section.