Amendment status not verified — confirm the current text below against the official source.
Audit.- (1) The Registrar shall audit or cause to be audited by some person authorised by him by general or special order in writing in this behalf the accounts of every registered society once at least in every year: Provided that the accounts of any apex society or central society, or of any society under Sugar Mills or Spinning Mills, or any Urban Bank with deposits of not less than fifty lakhs of rupees, shall be audited by a Chartered Accountant authorised by the Registrar in consultation with the committee of such society. 84 (2) The audit under sub-section (1) shall include an examination of overdue debts, if any, the verification of the cash balance and securities and a valuation of the assets and liabilities of the society. (3) The Registrar or the person authorised by him under sub-section (1), shall, at all reasonable times, have free access to the books, accounts, documents, securities, cash and other properties belonging to or in the custody of the society and may summon any person in possession of, or responsible for, the custody of any such books, accounts, documents, securities, cash or other properties to produce the same at any place at the headquarters of the society or any branch thereof. (4) Every person who is, or has at any time been, an officer or employee of the society and every member and past member of the society shall furnish such information in regard to the transactions and working of the society as the Registrar or the person authorised by him may require. (5) If at the time of audit, the accounts of a society are not complete, the Registrar or the person authorised by him under sub-section (1) to audit may cause the accounts to be written up at the expense of the society. (6) Every registered society shall pay to the Government such fee for the audit of its accounts for each co-operative year as may be fixed by the Registrar in accordance with the rules made in this behalf and the fee levied for audit shall be recoverable in the manner specified in section 138: Provided that the Government may, by general or special order, exempt any society or class of societies from the payment of the whole or any part of the fee payable for audit for any co-operative year. (7) (a) If the result of the audit discloses defects and irregularities, the society shall within three months from the date of receipt of the audit memorandum take steps to rectify the defects and remedy the irregularities and report to the Registrar the action taken by it thereon. (b) The Registrar may also make an order directing the society or its officers to take such action as may be specified in the order to remedy the defects within the time specified therein.