Maintenance of accounts and restrictions on expenditure

(1) Accounts of the income and expenditure of the municipal fund shall be kept, and receipts accepted and payments from the municipal fund made in accordance with the rules prescribed in this behalf. (2) Expenditure from the municipal fund shall, save as otherwise expressly provided in this Act, be incurred subject to the restrictions, conditions and limitations imposed in the rules prescribed in this behalf. (3) The municipal council shall, at the general meeting in April or after audit of the past official year’s accounts, if such audit has not before that general meeting taken place, pass the accounts of the past official year.