A trade union shall—
cause to be kept proper accounting records with respect to its transactions and its assets and liabilities, and
establish and maintain a satisfactory system of control of its accounting records, its cash holdings and all its receipts and remittances.
Proper accounting records shall not be taken to be kept with respect to the matters mentioned in subsection (1)(a) unless there are kept such records as are necessary to give a true and fair view of the state of the affairs of the trade union and to explain its transactions.