| 38. | Addresses at which accounting records are kept |
| (1) | The export agent shall keep full and correct accounting records relating to all monies received, kept or expended by him on behalf of his principals, all his assets and liabilities, all of is financial transactions, and all fresh produce received, kept, sold and lawfully destroyed, and such accounting records shall be kept at the business address of the export agent as entered in the records of the Council. |
| (2) | Notwithstanding the provisions of sub-rule (1), the Council may at the request of an export agent grant written approval that such records may be kept at another address specified in the approval concerned. |
| (1) | Such accounting records shall represent fully and accurately in accordance with the financial reporting standards applicable to the business of the export agent, the state of affairs and business of the export agent and explain the transactions completed on behalf of his principals. |
| (2) | The accounting records shall distinguish in readily discernible form between the export agent's own transactions and transactions concluded on behalf of his principals. |
| (3) | An export agent shall make and keep proper back -ups of his accounting records which shall be kept off site in a locked and fireproof safe and he shall ensure that his auditors shall annually in the report referred to in rule 40 (2) below certify that the export agent complied with his duties in this regard. |
| (1) | An export agent shall cause his accounting records to be audited at his expense by an auditor within 4 (four) months after the date of his financial year end, which date shall not be changed by him without the prior written approval of the Registrar. |
| (2) | An export agent shall cause the auditor referred to in sub-rule (1), immediately after having completed and audit contemplated in that sub-rule, to submit to the Council a report in the form determined by the Council regarding his findings, and a copy thereof to the export agent concerned. Such report shall be accompanied by the audited financial statements of the export agent concerned. |
| (3) | If an export agent fails or is, in the opinion of the Registrar unlikely to comply with the provisions of sub-rules (1) and /or (2), the Registrar may designate an auditor to comply with those provisions on behalf of and at the expense of the export agent concerned. |
| (1) | The export agent shall, forthwith, after having opened a cheque bank account with a commercial bank, provide the Council with full particulars of that bank account. |
| (2) | When an export agent opens such cheque bank account, he shall provide the bank concerned with a notice in the form set out in Annexure A. |
| (3) | A export agent shall within 5 (five) business days after a bank account has been opened, provide the Council with a copy of such form on which the bank concerned has recorded the applicable particulars and acknowledged receipt thereof. |
| 42. | Customer foreign currency account |
| (1) | The export agent shall also open and maintain a customer foreign currency account for all income received in foreign currency. |
| (2) | The export agent shall, within 5 (five) business days after a foreign currency bank account has been opened, provide the Council with a copy of such form on which the relevant bank has recorded the applicable particulars and acknowledge receipt thereof. |
| (1) | The provisions of rule 40(2) and (3) shall, with the necessary changes apply when a separate savings or other interest-bearing account is opened by an export agent to invest money paid into his bank account; provided that the amount in such savings or other interest -bearing account shall be available for use in the cheque account of the export agent concerned. |
| 44. | Changes in connection with bank accounts |
Any change in connection with a bank account referred to in rules 41, 42 or 43 shall be brought to the attention of the bank concerned and be reported to the Council in writing within 5 (five) business days after such change has been effected.
| 45. | Deposits in bank accounts |
The proceeds of the sale of fresh produce shall, forthwith on receipt thereof, be deposited the bank account of the export agent.
| 46. | Withdrawals and transfers from bank accounts |
| (1) | Subject to the provisions of sub-rule (2), a payment or withdrawal from a bank account shall— |
| (a) | not be made otherwise than by means of a telegraphic transfer, an electronic transfer of funds or the issuing of a crossed cheque, which cheque shall be countersigned by at least two signatories and which electronic transfer of funds shall be authorised by at least two persons authorised thereto by the export agent concerned; and |
| (b) | in the case of a savings or other interest -bearing account referred to in rule 43(1), not be made otherwise than by means of an in-house transfer to the cheque or other bank account of the export agent concerned. |
| (2) | No export agent shall withdraw any amount from his account in respect of his remuneration as an export agent or for other expenses incurred by him in connection with the sale of fresh produce unless: |
| (a) | in the case of his remuneration, the proceeds of the sale of the fresh produce concerned have already been deposited in such account; |
| (b) | in the case of other expenses, they have already been incurred by him; and |
| (c) | he is in possession of documentary proof to substantiate such withdrawal. |
| (d) | the remuneration or expense has been correctly debited in his accounting records. |
| (3) | When making a transfer from any banking account to another banking account, an export agent shall ensure that the amount transferred is identifiable with and does not exceed the amount due to it. |
| (4) | Any cheque drawn on the banking account of an export agent shall be made payable to or to the order of a payee specifically designated, and shall be crossed. |
