16. Balance sheet.- (1) Every foreman shall prepare and file with the Registrar in such manner and within such time as may be prescribed a balance sheet relating to the period of account audited either by qualified auditors under the Companies Act, 1956, or by a chit auditor appointed under sub-section (2) of section 51. (2) The balance sheet referred to in sub-section (1) shall, (a) contain a summary of the assets and liabilities of the chit, and (b) give such particulars as will disclose the nature of the assets and liabilities and how the value of the assets has been arrived at. | 
