Industrial and Provident Societies (Amendment) Act, 1978

Keeping of books of account, etc. by societies.

29.—(1) Every society shall cause to be kept proper books of account relating to all sums of money received and expended by it, the matters in respect of which income and expenditure take place and all assets and liabilities of the society.

(2) For the purposes of subsection (1), proper books of account shall be deemed to be kept, in relation to the matters mentioned in that subsection, only if there are kept such books as are necessary to give a true and fair view of the state of the society's affairs and to explain its transactions.

(3) The books of account of a society shall be kept at the registered office of the society or at such other place as the committee of management think fit and shall at all reasonable times be open to inspection by the members of the said committee.

(4) Every record required to be kept under this section shall be preserved by the society for a period of not less than six years after the date to which it relates.