(1)Every foreman shall prepare and file with the Registrar in such manner and within such time as may be prescribed, a balance sheet relating to the period of account duly audited either by auditors duly qualified to act as auditors of companies under the Companies Act, 1956 (Act I of 1956) or by a Chit Auditor appointed under sub-section (3) of section 53·(2)The balance sheet referred to in sub-section (1) shall:(a)contain a summary of the assets and liabilities of all chits conducted by him;(b)give such particulars as will disclose the nature of the said assets and liabilities and how the value of those assets has been arrived at; and(c)such other particulars as may be prescribed.
