Section 17 in The Maharashtra Chit Funds Act, 1974
17. Balance sheet.
(1)Every Foreman shall prepare and file with the Registrar in such manner and within such time as may be prescribed, a balance sheet and such accounts as may be prescribed duly audited either by a qualified auditor under the Companies Act, 1956, or by such person as the State Government may, subject to any conditions authorise in this behalf. The Foreman shall also file with the Registrar the audit report thereon.(2)The balance sheet referred to in sub-section (1) shall,-(a)contain a summary of the assets and liabilities of the chit, and(b)give such particulars as will disclose the nature of the assets and liabilities, and how the value of the assets has been arrived at.(3)If the Registrar is of the opinion that the accounts of any chit are not properly maintained and that such accounts should be specially audited, it shall be lawful for him to have such accounts audited, by a Chief Auditor duly appointed for the purpose with the approval of the State Government. It shall be the duty of the Foreman of the chit concerned to produce before the Chit Auditor, all accounts, books and other records relating to the chit, to furnish him with such information as may be required by him and to afford him all such assistance and facilities as may be necessary or reasonable and may be required in regard to the audit of the accounts of the chit.(4)The Foreman shall pay to the Registrar such fees as may be prescribed for the audit of the accounts of a chit under sub-section (3) of this section.
