Audit and audit-fee

(1) Every society shall get the accounts audited once at least every year by the person authorized by the Registrar in writing, by general or special order in this behalf, and shall pay the audit fee as may be prescribed: Provided that- (i) the State Government may, by notification, for reasons to be specified therein, exempt any class of societies; (ii) the Registrar may, for reasons to be recorded in writing, exempt any society from the payment of audit fees or part thereof, under this sub-section: Provided further that a Central Society or an Apex Society or an Urban Co-operative Bank may get the accounts audited by a Chartered Accountant approved by the Registrar: Provided further that Co-operative Bank may get the accounts audited by a Chartered Accountant approved by the National Bank, and the audit fees shall be paid by the Bank as may be determined by them: Provided further that the Primary Agriculture Credit Co-operative Society shall have option to get the accounts audited by the Chartered Accountant or the Registrar: Provided also that after the completion or issuance of the audit report, the Registrar has reason to believe or the Reserve Bank has instructed that the accounts be audited again or if there is complaint of financial irregularities or embezzlement, he may order special audit for the purpose. (2) The audit under sub-section (1) shall include an examination of the accounts and the overdue debts, if any compliance of the instructions and orders of the Registrar issued under this Act, Rules made thereunder and Byelaws of the society, the verification of cash balance and securities and valuation of the assets and liabilities of the societies and such other items as may be specified by the Registrar. (3) The Registrar or the authorized person shall at all times have access to all the books, accounts, documents, papers, securities, cash and other properties belonging to, or in the custody of, the society and may summon any person in possession of, or responsible for, the custody of any such books, accounts, documents, papers, securities, cash or other properties, to produce the same at any place at the headquarters of the society or any branch thereof. (4) Every person who is, or has at any time been, an officer or employee of the society, and every member and past member of a society shall furnish such information in regard to the transactions and working of the society as the Registrar or the person authorized by him may, require. (b) is about to remove the whole or any part of his property from the jurisdiction of the Registrar; the Registrar, a nominee or board of nominees may unless adequate security is furnished, direct the conditional attachment of the said property or such part thereof as he thinks necessary through such agency authorized by him as he may deem fit and such attachment shall have the same effect as if it had been made by a competent Civil Court.