Amendment status not verified — confirm the current text below against the official source.
(1) The balance-sheet and accounts including the profit and loss account of the Corporation shall be prepared and maintained in such form and manner as may be prescribed. (2) The Board shall cause the books and accounts of the Corporation to be balanced and closed on the thirty-first day of March each year. 1[27. (1) The accounts of the Corporation shall be audited by the Accountant General, Punjab, or by such person as may be authorized by him in this behalf and the expenditure incurred by him in connection with such audit and preparation of the audit report shall be payable by the Corporation to the Accountant General, Punjab. (2) The Accountant General, Punjab, shall be supplied with a copy of the annual balance-sheet and the profit and loss account of the 1Substituted by Punjab Act No. 16 of 1979, Section 8, on and with effect from the 17th day of September, 1979. First charge of Corporation's loans on debtor's property. Accounts. Audit. Corporation and it shall be his duty to examine them together with the accounts and vouchers relating thereto, and he shall have a list delivered to him all books kept by the Corporation and he and any person authorised by him in connection with the audit of the accounts of the Corporation shall have the same rights, privileges and authority on connection with such audit as he has in connection with the audit of the accounts of the State Government and shall at all reasonable times have access to the books, accounts and other documents of the Corporation and may require from any director or officer of the Corporation such information as the Accountant General, Punjab, may think necessary for the performance of his duties. (3) The Accountant General, Punjab, shall make a report to the Corporation upon the annual balance-sheet and accounts examined by him and in every such report he shall state whether, in his opinion, the balance- sheet is a full and fair balance-sheet containing all necessary particulars and properly drawn up so as to exhibit a true and fair view of the state of affairs of the Corporation. (4) The Corporation shall furnish to the State Government within four months from the date on which its accounts are closed and balanced, a copy of its balance-sheet and accounts together with a copy of the report of the Accountant General, Punjab and a report on the working of the Corporation during the relevant year. (5) Copies of the reports referred to in sub-section (4) shall be laid by the State Government, as soon as may be, before the House of the State Legislature.] CHAPTER VII MISCELLANEOUS