12. Books of accounts to be kept by society.—

(1) The general body of a society shall cause to be kept proper books of account with respect to— (a). all sums of money received and expended for and on behalf of the society and the matters in respect of which the receipt and expenditure take place; and (b). the assets and liabilities of the society. (2) If default is made in complying with the requirements of this section, every member of the governing body who has knowingly by his act or omission, been the cause of such default, shall be liable to a fine not exceeding one hundred rupees.