Amendment status not verified — confirm the current text below against the official source.
(1) The governing body of every society shall keep at the registered office of the society or at any other place within the jurisdiction of the Registrar of society, as the governing body thinks fit, proper books of accounts with respect to,-- (a) all sums of money received and expended by the society and the matters in respect of which the receipt and expenditure takes place; (b) all sales and purchases by the society; and (c) the assets and liabilities of society. (2) On default of complying with the provisions of sub-section (1), every member of the governing body, who has knowingly by his act or omission, cause such default, shall be liable to pay a fine not exceeding one thousand rupees, as may be prescribed. (3) The accounts of every society shall be audited once in every year by a duly qualified auditor and a balance sheet and income and expenditure statement prepared and certified by him: Provided that in the case of societies, whose annual income is less than two lakh rupees, the accounts may be audited by a member other than a member of the governing body. (4) In the case of a society, the accounts of which are made up with the previous sanction of the Registrar to any date other than 31st December, the first balance sheet and income and expenditure accounts of such society after such previous sanction is accorded shall, for the purposes of sub-section (3) for such period as the Registrar may specify in the order according previous sanction. Explanation.-- For the purposes of this section, "a duly qualified auditor" means a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 (Central Act 38 of 1949).