Section 25 in The Maharashtra Chit Funds Rules, 1976
25. When balance sheet is to be prepared.
(1)The balance sheet shall be prepared by the Foreman -(a)when the duration of the chit does not exceed one year, on the termination of the chit;(b)when the duration of the chit exceeds one year, on the expiry of every period of twelve months, and also on the termination of the chit.(2)The balance sheet shall be filed by the Foreman within two months from the date of expiry of the period referred to in sub-rule (1).
