(1) The Board shall keep true accounts of—
(a) all sums of money received and expended by the Board and the matters in respect of which such receipts and expenditures take place;
(b) the stock in trade of the Board; and
(c) the assets and liabilities of the Board which shall be prepared in such a manner as to show separately the fixed or capital assets of the Board and the sums owing on account of loans or advances.
(2) The Board shall cause to be kept proper and sufficient books of account and other books in relation to its business and such books shall be kept at the office of the Board and the principal audit officer and his or her deputies.