152
THE NEW ZEALAND GAZETTE.
[No. 7

powers and functions conferred upon it by the said Act and the regulations for the time being in force thereunder.

Banking Account.

15. The banking account of the Board shall be kept with the Bank of New Zealand.

16. The Board shall from time to time prescribe the form and mode in which, and the persons by whom, cheques, bills, notes, and other negotiable instruments on behalf of the Board shall be drawn, accepted, indorsed, made, or signed.

Common Seal.

17. The common seal of the Board shall be inscribed with the words “The Assets Realisation Board” in a circle, and the words “Common Seal” within the circle.

18. The common seal shall be provided with a lock, to be opened only with two keys, and the Chairman, or in his absence the General Manager, or in the absence of both the Chairman and the general manager, some person appointed by the Board shall have the exclusive custody of one key, and each of the other members of the Board shall have the exclusive custody of a duplicate of the other key, and except when the seal is in use it shall be kept locked.

19. The common seal shall be affixed to deeds, instruments, or documents requiring to be executed by the Board by and in the presence of two members of the Board, who shall subscribe their names to all such deeds, instruments, or documents in attestation of the affixing of the seal thereto; but in no case shall the seal be affixed unless the affixure is authorised by a previous resolution of the Board.

Contracts.

20. Any contract which if made between private persons,—
    (1.) Must be by deed,
    (2.) Must be in writing signed by the parties thereto or their agents, or
    (3.) May be made verbally without writing,—
    may when made by the Board,—
    (1.) In the first case, be executed under the common seal of the Board in manner prescribed by No. 19 of these regulations;
    (2.) In the second case, be signed on behalf of the Board by the Chairman or by the other two members of the Board;
    (3.) In the third case, be made verbally without writing by the Chairman or by the other two members of the Board on behalf of the Board, but no contract shall be made verbally for any sum exceeding £50.
    And all contracts may be varied and discharged in the same manner respectively.

21. The Board may, subject to such restrictions and conditions as it from time to time prescribes, empower the station-managers to enter into contracts for works required to be done in connection with the stations under their charge,—all such contracts where value of the work to be done exceeds £20 must be in writing,—and may provide the manager of any estate or station of the Board with such funds, by way of imprest or otherwise, as he from time to time requires for the purpose of paying wages to employés or for work done or stores supplied or for other expenses incurred in connection with such estate or station.

Debentures.

22. The debentures to be created and issued by the Board pursuant to section 21 of the said Act shall be in the form numbered one in the Schedule hereto, and shall be numbered consecutively so that no two debentures bear the same number.

23. Coupons in respect of the interest payable under each of the said debentures shall be attached thereto, and shall be in the form numbered two in the Schedule hereto.
    The coupons to each debenture shall be numbered consecutively from one to eighteen inclusive.

24. The debentures shall be executed under the seal of the Board, and be signed by the Chairman and one other member of the Board in attestation of the affixing of such seal. They shall also be countersigned by the hereinafter-mentioned Auditor.

25. Each coupon shall be sufficient if signed or initialled by the Chairman, and his signature or initials may be stamped or lithographed thereon.

26. In the event of any debentures created by the Board being retained by it, as provided by section 22 of the said Act, the Board shall deposit the same with the Public Trustee for safe keeping until they are required to be used for the purposes specified in that section, and the Public Trustee (without making any charge for so doing) shall keep the same in safe custody, and deliver them up on the joint order of the Board and the Colonial Treasurer.

Accounts and Audit.

27. The Board shall at all times cause to be kept full and faithful accounts,—
    (1.) Of the assets and property of the Board;
    (2.) Of the sums of money received and expended by the Board, and of the matter in respect of which each item of receipt or expenditure takes place;
    (3.) Of the credits and liabilities of the Board.

28. The books of account shall be kept at the principal office of the Board, and from each station and estate a monthly account certified as correct by the person in charge shall be forwarded by him to the principal office.

29. Separate accounts shall be kept in respect of the real estate, leaseholds, mortgages, stock, station implements, and other property, and also in respect of each separate station or estate of the Board, so as to show the profit or loss of the working of such station or estate.

30. The Board’s half-yearly balance-sheet and statement of accounts shall be prepared in the form numbered three in the Schedule hereto, and shall be laid before Parliament as provided by the said Act.

31. In order that the Auditor appointed by the said Act to audit the accounts of the Board may be enabled to do so efficiently and satisfactorily, he shall from time to time and at all times scrutinise the business and affairs of the Board, and for that purpose shall have all the powers, functions, and duties usually devolving on auditors, and in addition thereto the powers, duties, and functions following, that is to say,—
    (1.) He shall at all times have full and free access to all officers, offices, safes, premises, cash, securities, funds, books, records, vouchers, correspondence, reports, returns, balance-sheets, documents, and other matters and things relating to the business and affairs of the Board.

(2.) He shall also have the right at all times to apply to any member, officer, or servant of the Board for all such information, certificates, or returns as he requires concerning any matter relating to the business or affairs of the Board. And it shall be incumbent on such member, officer, or servant to fully and faithfully supply the same in so far as lies in his power.

(3.) He shall also have the right at any time to require any office, agency, station, or estate, or the accounts of any officer, agent, or servant of the Board, to be inspected and reported on to him by a person appointed by the Board; and also to require any manager, agent, officer, or station-manager to submit his accounts for audit and inspection.

(4.) He shall also have the right to attend and be present at any meeting of the Board, without, however, taking any part in the proceedings, or being in any way responsible therefor; and for the purposes of this regulation it shall be the duty of the Chairman to cause him to receive reasonable notice of every monthly meeting of the Board held in Wellington as aforesaid.

(5.) He shall at all times have full and free access to the minute-book, correspondence, and all other records and papers relating to the proceedings of the Board.

(6.) All inspectors’ reports, and all periodical and other reports and returns from all offices, agencies, stations, and estates of the Board, shall be submitted to him as and when received at the head office, and it shall be his duty to check and examine the same, and forthwith report in writing to the Colonial Treasurer whatever he deems unsatisfactory therein.

(7.) He shall carefully examine and audit every half-yearly and other balance-sheet and statement of accounts prepared by the Board for publication or submission to the Government, and shall certify thereon, in writing under his hand, that he has so examined and audited it, and that it is correct or otherwise, as the case may be. In the latter case he shall specify fully the points wherein it is incorrect.

(8.) He shall not give such certificate unless the balance-sheet or statement to which it relates has been certified as correct or otherwise by the Chairman of the Board, and by its manager, secretary, or other principal officer. Such certificates shall be in the form numbered four in the Schedule hereto or to that effect, and no such balance-sheet or statement shall be deemed to be complete without such certificates.

(9.) In every case where, in his opinion, the business or affairs of the Board are being improperly or unsafely conducted he shall forthwith make full report thereof in writing to the Colonial Treasurer.