Section 5: Preparation and submission of statements and penalty for non compliance.

(1) Notwithstanding anything in the preceding section, the President, Secretary, Treasurer, if any of the College, functioning as such immediately before the commencement of this Act shall prepare a statement in relation to all matters of the College which they were required to deal with immediately before the commencement of this Act and submit the same within a period of fifteen days from the date of commencement of this Act or within such further time as may be granted by the State Government appointed by the State Government appointed by the State Government in this behalf. (2) If any person, without any reasonable excuse knowingly and wilfully makes default in complying with the requirements of the preceding sub-section, he shall be punishable with imprisonment which may extend to three months or with fine which may extend to five hundred rupees or with both.