Committee to submit estimates of revenue and expenditure

(1) The Committee shall, on or before 1st January in each year, prepare estimates of the income receivable and expenditure to be incurred by the Association during the financial year commencing on 1st April next following. 14 (2) The Committee shall keep full and proper accounts of all of its financial transactions in respect of each financial year. (3) The Committee shall prepare and present to the annual general meeting of the Association a report of its proceedings for the year ending 31st March preceding such meeting together with a complete statement of its financial position and its accounts, audited and certified by an auditor appointed by the annual general meeting for such period.