38.—(1) It shall be the duty of a water authority and of the Council—
(2) Every statement of accounts prepared by a body in accordance with this paragraph shall comply with any requirement which the Ministers have, with the consent of the Treasury, notified in writing to that body and which relates to any of the following matters, namely—
(3) Subject to any requirement notified to it under subparagraph (2) above, in preparing any statement of accounts in accordance with this paragraph a body shall follow, with respect to each of the matters referred to in that sub-paragraph, such course as may be for the time being approved by the Ministers with the consent of the Treasury.
(4) Without prejudice to the foregoing provisions of this paragraph, the Minister may direct a water authority to keep such accounts and records and to prepare such statements with regard to money expended in the performance of their land drainage functions as he may think fit.
(5) In this paragraph "accounting year", in relation to a water authority or the Council, means subject to sub-paragraph (6) below, a period of twelve months ending on 31st March.
(6) If the Ministers so direct in relation to any accounting year of a water authority or the Council, that accounting year shall end on such other date may be specified in the direction.