(1) At every annual general meeting of a corporation held in pursuance of section 26, the Board of directors of the corporation shall lay before the corporation—
(a) a balance sheet as at the end of the period specified in sub-section (2); and
(b) the income and expenditure account for that period.
(2) The income and expenditure account shall relate—
(a) in the case of the first annual general meeting of the corporation, to the period beginning with the incorporation of the corporation and ending with a day which shall not precede the day of the meeting by more than nine months; and
(b) in the case of any subsequent annual general meeting of the corporation, to the period beginning with the day immediately after the period for which the account was last submitted and ending with a day which shall not precede the day of the meeting by more than nine months, or in cases where an extension of time has been granted for holding the meeting under section 26, by more than nine months and the extension so granted.
(3) Every such balance sheet and income and expenditure account shall give a true and fair view of the state of affairs of the corporation as at the end of the period specified in sub-section (2) and shall be approved by the Board of directors and signed by not less than two directors of the corporation.
(4) The income and expenditure account shall be annexed to the balance sheet and the auditors‟ report shall be attached thereto.
(5) There shall be attached to every balance sheet laid before the corporation a report of its Board of directors with respect to the state of affairs of the corporation giving the fullest information and explanation and signed by the directors referred to in sub-section (3).
16 The Maharashtra Non-Trading Corporation Act [1959 : XXVI