Amendment status not verified — confirm the current text below against the official source.
(1) Every society shall keep at its registered office proper books of account in which shall be entered accurately :— (a) all sums of money received and the source thereof and all sums of money expended by the society and the object or purpose for which such sums are expended; e s -XXV1 of 1061.3 (ieetioa 10, 17.) (b) the assets and liabilities of the society. (2) Every society shall have its accounts audited once a year by a duly qualified auditor and have a balance sheet prepared by him. The auditor shall also submit a report showing the exact state of the financial affairs of the society. Th ree copies of the balance sheet and the auditor's report shall be certified by the auditor. Explanation.—A duly qualified auditor means a char- tered accountant within the meaning of the Chartered SS of 1949. Accountants Act, 1949 or a person approved by the Regis- - trar in this behalf. (3) For any contravention of the provisions of sub- section (1) or sub-section (2), every officer in default shall be punishable with fine which may extend to twenty rupees for every day after the detection of the default during which the default continues. 16, (1) Every society shall hold an annual general meeting at least once in every year and not more than fifteen mouths shall elapse between two successive annual general meetings. (2) The balance sheet and the auditor's report referred to in sub-section (2) of section 15 shall be placed at the annual general meeting of the society. (3) For any contravention of the provisions of sub- section (7) ur sub-section (2), every officer in default shall be punishable with fine which may extend to two hundred and fifty rupees.