Amendment status not verified — confirm the current text below against the official source.
(1) Whoever violates any one or more of the provisions of section 6 shall commit an offence which shall be punishable with rigorous imprisonment for a term which may extend to three years. (2) Whoever causes financial loss to the authority willfully and with malafide intention, by under assessment or under realizations of revenue due to the Local Self-Government or by incurring unauthorized expenditure shall commit an offence which shall be punishable with rigorous imprisonment fo r a term which may extend to three years and / or recovery of the amount of financial loss with interest. (3) A person who abets any o f the offences as aforesaid shall be liable for the same punishment as provided for the offence. (4) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (Assam Act, No.2 of 1974), the offences committed under this Act shall be treated as cognizable offencesto be triable by a Magistrate not lower in the rank than a Judicial Magistrate of First Class.