Members to declare assets and liabilities

43B. Members to declare assets and liabilities. – (1) Every member shall within three mon ths from the date of commencement of his term of office and until the expiry of his term in every calendar year, and within one month of the end of the financial year, file a declaration of the movable and immovable assets and liabilities of more than two lakhs owned by him and by all the members of his joint family in the form as may be prescribed before the state election commission through the panchayat development officer of concerned Gram Panchayat: Provided that, where the term of a member commences b efore two months of the end of the financial year such member may file his declaration within two months after the commencement of the following financial year. (2) the panchayat development officer of the concerned panchayat shall receive the declaratio ns filed by all the members and forward them to the state election commission in the first week of May of that year and, in the case of late submissions, in the first week of July of the year, with a statement of members who have filed and who have not fil ed the declaration. (3) a member, who after filing a declaration under sub -section (1), acquires or disposes of any property or incurs any liability shall file a declaration to that effect before the state election commission through the panchayat develo pment officer of the panchayat, within forty-five days from the date of such acquisition or disposal, as the case may be, and the panchayat development officer shall follow the same procedure as in sub -section (1). (4) if the member does not file the decl aration within the time without reasonable cause or the declaration is found to be false, shall be deemed to have committed guilty of misconduct and the state election commission shall after giving an opportunity of hearing, remove him from membership and declare his seat vacant. ]1]2