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16. Balance-sheet.- Every foreman shall prepare and file with the Registrar in such manner and within such time as may be prescribed, a balance-sheet duly audited either by auditors duly qualified to act as auditors of companies under the Companies Act, 1956 (Central Act of 1956), or by a Chit Auditor appointed under subsection (2) of section 51 and relating to the period of account. (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) given such particulars as will disclose the nature of the assets and liabilities and how the value of the assets has been arrived at. | |||||
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