Section 68(5) in The Karnataka Souharda Sahakari Act, 1997
(5)If the board and the Chief Executive of any cooperative or the federal cooperative fail to get its accounts for the preceding year audited within the period time stipulated under section 33 or section 64 as the case may be and present the audit financial statement along with audit report before the annual general meeting such every director and chief executive of such cooperative or federal cooperative shall be punishable with a fine of rupees five thousand or an imprisonment of six months or with both.
