Amendment status not verified — confirm the current text below against the official source.
(1) Every Municipality shall cause to be prepared annually a balance-sheet of assets and liabilities in the prescribed form within six months of the close of a year. (2) The balance-sheet shall be placed before a meeting of the Board of Councillors. (3) A copy of the balance-sheet shall be given to the Director of Local Bodies. (4) Notwithstanding anything contained in the foregoing provisions of this section, the State Government may, on the prayer of a Municipality, extend the date of preparation and presentation of the balance-sheet of a Municipality for reasons to be recorded in writing.