(1)At the expiration of each calendar year [or at the expiration of a period of twelve months ending with such [date] [Inserted by Act 66 of 1988, Section 8 (w.e.f. 30.12.1988).] as the Central Government may, by notification in the Official Gazette, specify in this behalf,] every banking company incorporated [in India] [Substituted by Act 20 of 1950, Section 3, for " in State" .], in respect of all business transacted by it, and every banking company incorporated [outside India] [Substituted by Act 20 of 1950, Section 3, for " outside the State" .], in respect of all business transacted through its branches [in India] [Substituted by Act 20 of 1950, Section 3, for " in the States" .], shall prepare with reference to [that year or period, as the case may be,] [Substituted by Act 66 of 1988, Section 8, for " that year" and " the year" , respectively (w.e.f. 30.12.1988).] a balance-sheet and profit and loss account as on the last working day of that year or the period, as the case may be in the Forms set out in the Third Schedule or as near thereto as circumstances admit:[Provided that with a view to facilitating the transition from one period, of accounting to another period of accounting under this sub-section, the Central Government may, by order published in the Official Gazette, make such provisions as it considers necessary or expedient for the preparation of, or for other matters relating to, the balance-sheet or profit and loss account in respect of the concerned year or period, as the case may be.] [Substituted by Act 66 of 1988, Section 8, for the proviso (w.e.f. 30.12.1988).]
