Section 48 in The Tamil Nadu Apartment Ownership Rules, 1997
48. Accounts. - (1) The association shall open a bank accounts and deposit the money received on behalf of the Association. The Secretary may retain in his personal custodian amount not exceeding rupees one hundred, for petty expenses. All payments above rupees twenty shall be made by cheque, signed by the Secretary and one member 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 receipts of profits from common areas and contributions towards common expenses and his share of the 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-(a)the profit and loss accounts;(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 assets have been arrived at.(4)The audited financial statement shall be opened for inspection of any member of the Association during office hours and a copy shall be submitted to the competent authority not later than the 16th 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 loans.
