Amendment status not verified — confirm the current text below against the official source.
(1) The accounts of a Local Authority or Local Fund included in the Schedule relating to a financial year shall be prepared or caused to be prepared by the Executive Authority, in such form and in such manner as may be prescribed, and presented for audit within four months after the close of that financial year. (2) Where an Executive Authority makes default in the preparation and presentation of accounts for audit within the period specified under sub-section (1), the Executive Authority shall be punishable, on conviction, with fine which may extend to ten thousand rupees but which shall not be less than five thousand rupees. (3) No proceedings under sub-section (2) shall be taken by the Director without giving the person affected thereby an opportunity to show cause, within fifteen days as to why such proceedings should not be taken against him.