The chief executive officer of an institution must give to the Minister, on or before 31 December in each year up to and including the year 2004, a statement:
(a) as to whether the institution has complied with the requirements of this Chapter in respect of the year ending on that 31 December; and
(b) if the institution has not complied with such a requirement in respect of that year--setting out particulars of the non - compliance.