:- (1) At the expiration of each calendar year every banking company incorporated {Subs.by Act 20 of 1950, s.3, for ” in a State “} [in India], in respect of all business transacted by it, and every banking company incorporated {Subs., ibid., for ” outside the States ” } [outside India], in respect of all business transacted through its branches {Subs.by Act 20 of 1950, s.3, for ” in a State “} [in Tndia], shall prepare with reference to that year a balance-sheet and profit and loss account as on the last working day of the year in the Forms set out in the Third Schedule or as near thereto as circumstances admit:Provided that in the case of a banking company incorporated {Subs., ibid., for ” outside the States ” } [outside India], the profit and loss account may be prepared as on a date not earlier than two months before the last working day of the year(2)The balance-sheet and profit and loss account shall be signed—(a)in the case of a banking company incorporated {Subs.by Act 20 of 1950, s.3, for ” in a State “} [in India], by the manager or the principal officer of the company and where there are more than three directors of the company, by at least three of those directors, or where there are not more than three directors, by all the directors, and(b)in the case of a banking company incorporated {Subs., ibid., for ” outside the States “} [outside India] by the manager or agent of the principal office of the company {Subs., ibid., for ” in the States “.} [in India].(3)Notwithstanding that the balance-sheet of a banking company is under sub-section (1) required to be prepared in a form other than the form marked F in the Third Schedule to the Indian Companies Act, 1913, the requirements of that Act relating to the balance-sheet and profit and loss account of a company shall, in so far as they are not inconsistent with this Act, apply to the balance-sheet or profit and loss account, as the case may be, of a banking company.(4)The Central Government, after giving not less than three months’ notice of its intention so to do by a notification in the Offlcial Gazette, may from time to time by a like notification amend the Forms set out in the Third Schedule.
