Property of society how vested5. The property, movable and immovable, belonging to a society registered under this Act, if not vested in trustees, shall be deemed to be vested, for the time being, in the governing body of such society, and in all proceedings; civil and criminal, may be described as the property of the governing body of such society for their proper title.STATE AMENDMENTSSection 5Bihar : For the words "civil and criminal", substitute "civil, criminal and revenue".
[Vide Bihar Act 2 of 1960, w.e.f. 8-2-1960]Section 5AAssam : Insert section 5A as under:-"
5A. Books of account and audit-(1) Every society shall keep at its registered office proper books of account in which shall be entered accurately-
| (a) | - | all sums of money received and the source thereof and all sums of money expended by the society and the object or purpose for which such sums are expended, |
| (b) | - | the assets and liabilities of the society. |
(2) Every society shall have its account audited once every year by a duly qualified auditor and have a balance-sheet prepared by him. The auditor shall also submit a report showing the exact state of the financial affairs of the society. Three copies of the balance-sheet and the auditor's report shall be certified by
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