Officers’ account and audit

(1) Every treasurer or other officer of a trade union registered under this Act, at such times as by the rules of such trade union he should render such account as hereinafter mentioned, or upon being required to do so, shall render to the trustees of the trade union, or to the members thereof, at a 12 meeting of the trade union, a just and true account of all moneys received and paid by him since he last rendered the like account, and of the balance then remaining in his hands, and of all bonds or securities of such trade union, which account the said trustees shall cause to be audited by some fit and proper person or persons approved by the Registrar. (2) The treasurer, if thereunto required, upon the account described in subsection (1) of this section being audited, shall forthwith hand over to the trustees the balance which on such audit appears to be due from him and shall also, if required, hand over to such trustees all securities and effects, books, papers and property of the said trade union in his hands or custody. (3) If the treasurer fails to do so, the trustees of the trade union may sue him in any competent court for the balance appearing to have been due from him upon the account last rendered by him, and for all the moneys since received by him on account of the said trade union, and for the securities and effects, books, papers and property in his hands or custody, leaving him to set off in such action the sums, if any, which he may have since paid on account of the trade union, and in such action the trustees shall be entitled to recover their full costs of suit, to be taxed as between attorney-at-law and client.