 MODEL FINANCIAL REGULAT IONS Page 17 of 20 1.1. The officer in charge of each section shall be responsible for the care and custody of stores and equipment in that section. 1.2. Delivery n otes shall be obtained in respect of all goods received into store or otherwi se delivered and goods must be checked as to order and quality at the time delivery is made. 1.3. Stocks shall be kept at the minimum levels consistent with operational requirements. 1.4. The RFO shall be responsible for periodic checks of stock s and stores at least annually. 2. ASSETS, PROPERTIES AND ESTATES 2.1. The Clerk shall make appropriate arrangements for the custody of all title deeds and Land Registry Certificates of properties held by the c ouncil. The RFO shall ensure a record is maintained of all properties hel d by the c ouncil, recording the location, extent, plan, reference, purchase details, nature of the interest, tenancies granted, rents payable and purpose for which held in accordance with Accounts and Audit Regulations. 2.2. No tangible moveable property shall be purchased or otherwise acquired, sold, leased or otherwise disposed of , without the authority of the c ouncil, together with any other consents required by law, save where the estimated value of any one item of tangible movable property does not exceed £ 2 50. 2.3. No real property (interests in land) shall be sold, leased or otherwise disposed of without the authority of the c ouncil, together with any other consents required by law, In each case a r eport in writing shall be provided to c ouncil in respect of val uation and surveyed condition of the property (including matters such as planning permissions and covenants) together with a proper business case (including an adequate level of consultation with the electorate). 2.4. No real property (interests in land) shall be purchased or acquired without the authority of the full c ouncil. In each case a r eport in writing shall be provided to c ouncil in respect of valuation and surveyed condition of the property (including matters such as planning permissions and covenants ) together with a proper business case (including an adequate level of consultation with the electorate). 2.5. Subject only to the limit set in Reg . 14.2 above, no tangible moveable property shall be purchased or acquired without the authority of th e full counci l. In each case a r eport in writing shall be provided to council with a full business case . 1.1. The RFO shall ensure that an appropriate and accurate Register of Assets and Investments is kept up to date. The continued existence of tangible assets shown in th e Register shall be verified at least annually, possibly in conjunction with a health and safety inspection of assets.
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