Section 16 in The Goa, Daman and Diu Chit Funds Act, 1973
16. 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 relating to the period of account duly audited either by auditors duly qualified to act as auditors of companies under the Companies Act, 1956 (Central Act 1 of 1956) or by a Chit Auditor appointed under sub-section (2) of section 52.(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.
