(1) Whoever violates any one or more of the provisions of section 6 shall commit an offence which shall be punishable with rigorous imprisonment for a term which may extend to three years.
(2) Whoever causes financial loss to the authority willfully and with malaf ide intention , by under assessment or under realizations of revenue due to the Local Self-Government or by incurring unauthorized expenditure shall commit an offence which shall be punishable with rigorous imprisonment fo r a term which m ay extend to three years and / o r recovery of the amount of financial loss with interest.
(3) A person who abets any o f the offences as aforesaid shall be liab le fo r the sam e punishment as provided for the offence.
(4) Notwithstanding anything contained in the Code o f Criminal Procedure, 1973 (Assam Act, No.2 of 1974), the offences committed unde r this Act shall be treated as cognizable o ffen cesto be triable by a Magistrate not lower in the rank than a Judicial Magistrate of Firs t Class.