Section 47 in Madhya Pradesh Prakoshtha Swamitva Rules, 2019
47. Accounts. - (1) The Association shall open a banking account and deposit the money received on behalf of the Association. The Secretary may retain in his personal custody an amount not exceeding Rs. 20000/- for petty expenses. All payments above Rs. 5000/- shall be made by cheque, signed by the Secretary and one member of the Board.
(2)Each apartment owner shall have a passbook in which the Secretary shall enter amounts paid to or received for his share in receipts of profits from common areas and contributions towards common expenses and his share of the assessment arid other dues if any, in respect of his apartment.(3)The Association shall on or before the 31st day of July in each year publish an audited financial statement in respect of the common areas and facilities containing: -(a)the profit and loss accounts;(b)the receipts and expenditure of the previous financial year;or(c)a summary of the property and an asset and liabilities of the common areas and facilities of the association giving such particulars as will disclose the general nature of these liabilities and assets and how the value of fixed assets have been arrived at.(4)The audited financial statement shall be opened to the inspection of any member of the Association during office hours and a copy shall be submitted to the Competent Authority not later than the 15th day of August of every year.(5)Every financial statement shall be accompanied by a list of the apartment owners and the similar list of loanees.
