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Section 24 – The Chits Funds Act,1982

The Chits Funds Act,1982

24. Balance-sheet.

Without prejudice to the provisions of the Companies Act,1956 (1 of 1956), every foreman shall prepare and file with the Registrar within such time as may be prescribed, a balance- sheet as on the last date of each calendar year, or, as the case may be, the financial year of the foreman and a profit and loss account relating to the year of account, in the forms set out in Parts I and II of the Schedule, or as near thereto as circumstances admit, in respect of the chit business and audited by auditors qualified to act as auditors under the Companies Act,1956, or by a chit auditor appointed under Sec. 61;

Provided that where a balance- sheet is audited by an auditor qualified to act as auditor under the Companies Act,1956 ( 1 of 1956), a chit auditor appointed under Sec. 61 shall have the right to audit the balance-sheet at any time if so authorised by the Registrar in this behalf.

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The Chits Funds Act,1982

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