(1)  A trust must keep proper accounts and records in respect of all its operations and must do all things necessary to ensure that –

(a) all payments made by it are correctly made and properly authorised; and

(b) adequate control is maintained over the property of, or in the custody of, the trust and over the incurring of liabilities by the trust.

(2)  The accounts and records kept under subsection (1) are at all reasonable times to be open to inspection by the Minister or any trustee, who may take extracts from them.