Section 26 in The Punjab Apartment Ownership Rules, 1995
26. Accounts. - (1) The Association shall open a bank account and deposit the money received on behalf of the Association, and the Secretary may retain in his personal custody an amount not exceeding such amount as the Board may decide for petty expenses and all payments above that amount shall be made by cheque, signed by the Secretary and one of the members of the Board.
(2)Each apartment owner shall have a pass book in which the Secretary shall enter amounts paid to or received for his share in receipt of profits from common areas and contributions towards common expenses, and his share of assessment and 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, namely :-(a)the income and expenditure account;(b)the receipts and expenditure of the previous financial year; or(c)a summary of the property and assets 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 as assets have been arrived at.(4)The audited financial statement shall be open to inspection of any member of the Association during office hours and a copy thereof 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 lessees. [Sections 20 and 38(2)(e).]
