6 (b) the chief executive officer’s comments on the undertaking, enterprise, project or programme and on the desirability or otherwise of the Bank providing finance for it; and (c) the extent and value of any security provided or offered by or on behalf of the beneficiary of the finance.”. 18 Amendment of section 23 of Cap. 24:14 Section 23 (“Reserve funds and distribution of income”) of the principal Act is amended— (a) by the repeal of subsections (1) and (2) and the substitution of the following subsection— “(1) The Board shall determine annually what part of the net income of the Bank, after providing for any reserves, should be allocated to surplus and what part, if any, should be distributed to the shareholders.”; (b) in subsection (3) by the deletion of “subsection (2)” and the substitution of “subsection (1)”. 19 New sections substituted for section 25 of Cap. 24:14 Section 25 (“Accounts and audit”) of the principal Act is repealed and the following sections are substituted— 25 Accounts of Bank “(1) The Board shall keep proper accounts and other records relating thereto giving, in accordance with sound accounting practices applicable to banking institutions, a true and fair view of the Bank’s operations and financial position. (2) The Bank’s books of account and other records referred to in subsection (1) shall be kept at the head office of the Bank and shall at all times be open to inspection by any director. 25A Audit committee (1) The Board shall appoint an audit committee consisting of— (a) a chairperson, who shall be a non-executive director; and (b) at least two other persons, who need not be directors: Provided that a majority of the members of the audit committee shall be non-executive directors. (2) The chief executive officer shall not be a member of the Bank’s audit committee. (3) The functions of the Bank’s audit committee shall be— (a) to establish appropriate accounting procedures and accounting controls in respect of the Bank’s business, and to ensure compliance with those procedures; and (b) to assist the Board to evaluate the adequacy and efficiency of the internal control systems, accounting practices, information systems and auditing processes applied in the day-to-day management of the Bank’s business; and (c) to introduce such measures as, in the audit committee’s opinion, may enhance the objectivity of financial statements and reports prepared with reference to the Bank’s business. (4) The Bank’s audit committee shall meet as often as may be necessary to carry out its functions. (5) Decisions of the Bank’s audit committee shall be decided by a majority vote of the members present: Provided that no member shall abstain from any vote to be taken. (6) A member of the Bank’s audit committee who votes against any resolution passed by a majority of its members shall without delay provide the Board with a written statement of his or her reasons for voting against the resolution.