322 Educational bodies to keep accounts

(1)

Where a grant under section 321 has been paid to a body subject to conditions, the body shall ensure that—

(a)

there are kept (in respect of the year in which the grant was made and the year after), in a manner approved by the Minister, all records necessary to show fully and fairly—

(i)

such of the body’s financial transactions, assets, liabilities, and funds, as relate to or are or were affected by the making of the grants; and

(ii)

that the conditions have been complied with:

(b)

the records are available for inspection at all reasonable times by any employee of the Ministry approved by the Secretary for the purpose.

(2)

Every grant under section 321 to an educational body must be paid under a funding agreement that specifies—

(a)

the purpose of the grant; and

(b)

any conditions attaching to it; and

(c)

the reporting obligations of the recipient.

(3)

[Repealed]

(4)

[Repealed]

Section 322: inserted, on 1 January 1992, by section 33 of the Education Amendment Act (No 4) 1991 (1991 No 136).

Section 322 heading: amended, on 1 January 2003, by section 44(1) of the Education (Tertiary Reform) Amendment Act 2002 (2002 No 50).

Section 322(2): replaced, on 1 January 2003, by section 44(2) of the Education (Tertiary Reform) Amendment Act 2002 (2002 No 50).

Section 322(3): repealed, on 1 January 2003, by section 44(2) of the Education (Tertiary Reform) Amendment Act 2002 (2002 No 50).

Section 322(4): repealed, on 1 January 2003, by section 44(2) of the Education (Tertiary Reform) Amendment Act 2002 (2002 No 50).