(1) Within three months of the close of a year, a financial statement for the preceding year in respect of a Municipality shall be prepared in the form and manner prescribed, and presented before a meeting of the Board of Councillors.
(2) A copy of the financial statement shall be given to the Director of Local Bodies and shall be available for inspection by the members of the public in the manner prescribed.
(3) Notwithstanding anything contained in the foregoing provisions of this section, the State Government may, on the prayer of a Municipality, extend the date for presentation of the financial statement of a Municipality for reasons to be recorded in writing.