Section 10(2) in West Bengal Apartment Ownership Bye-laws, 1974
(2)A Board, subject to any direction of the Association in general meeting, shall(i)receive and disburse money, sanction working expenses, ensure regular and day-to-day maintenance of the cash book under the supervision of the Treasurer and make arrangements for daily verification of the cash balance;(ii)enter the accounts of the Association concerned in proper book timely and regularly, and make provisions for inspection thereof from time to time;(iii)maintain the accounts of the money received and expended for and on behalf of the Association concerned and the accounts of the assets and the liabilities thereof;.(iv)prepare and place before the annual general meeting of the Association an annual report, an audited annual financial statement and annual budget estimate;(v)prepare all statements, accounts and returns and comply with all other requisitions, as may be made by the auditor for the purpose of auditing the accounts of the Association;(vi)remove and rectify all defects and irregularities pointed out at the audit;(vii)convene a special general meeting of the Association on requisition referred to in clause (5) of bye-law 4;(viii)convene annual general meeting of the Association in due time;(ix)realise and enforce realisation of all dues of the Association and meet all its liabilities;(x)let out common areas and facilities for earning common profits, settle terms and conditions for such letting out, and revoke and alter such terms and conditions from time to time, as may be necessary;(xi)enter into all such agreements and make all such arrangements as may be necessary for the proper and effective maintenance, repair and replacement of the common areas and facilities and make payments therefor;(xii)institute,.defend, or compound any legal proceedings for and against the Association or the property and for any offence of contravention or breach of any provision of the Act or the bye-laws;(xiii)improve the conditions of general welfare of the apartment owners, within the scope of the Act and the bye-laws;(xiv)maintain an up-to-date Register of apartment owners in Form No. 4;(xv)perform any other duty or discharge any other function as the Association in general meeting may direct under the Act and the bye-laws.
