A banking account shall be opened by the Association into which all moneys received on behalf of the Association, shall be paid provided that the Secretary may retain in his personal custody an amount not exceeding Rs. 100 for petty expenses. All payments above Rs. 20 shall be made by cheques signed by the Secretary and one member of the Board of Managers.
(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 assessment and other dues, if any, in respect of his apartment.
(3) The Association shall on or before 31st July, in each year publish an audited annual financial statement in respect of the common areas and facilities containing :-
(a) the profit and loss account;
(b) the receipts and expenditure of the previous financial year; and
(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 has been arrived at.
(4) The audited financial statement shall be open to the inspection of any member of the Association during office hours and in the office of the association and a copy thereof shall be submitted to the competent authority not later than 15th August, every year.
(5) Every financial statement shall be accompanied by a complete list of the apartment owners. There shall also accompany the financial statement a similar list of loanees. The financial statement shall state up to what date profits and expenses of common areas are included.