(1) Every friendly society and every registered branch shall -

(a) cause accounting records to be kept;

(b) [deleted]

in accordance with this section.

(2) The accounting records must be sufficient to show and explain the transactions of the society or branch and -

(a) disclose, with reasonable accuracy and promptness, the financial position of the society or branch at any time;

(b) enable the committee of management properly to discharge the duties imposed on them by or under this Act or the 1974 Act (and, where applicable, section 403(1) of the Companies Act 2006 (group accounts: applicable accounting framework)) and their function of direction of the affairs of the society or branch; and

(c) enable the society or branch properly to discharge the duties imposed on it by or under this Act or the 1974 Act (and, where applicable, section 403(1) of the Companies Act 2006 (group accounts: applicable accounting framework)),

and must be kept in an orderly manner.