(3)The Association shall on or before 31st July, in each year publish an audited annual financial statement in resect of the common area and facilities containing:-
(a)the profit and loss account;
(b)the receipts and expenditure of the previous financial year; and
(c)In any co-operative bank other than those referred to in clause (a) of this bye - law; or in any banking company approval for this purpose by the Association.
(4)The audited financial statement shall be open to the inspection of any member of the Association during office hours and in the office of the association and a copy thereof, shall be submitted to the competent authority not later than 15th August, every year.
(5)Every financial statement shall be accompanied by a complete list of the apartment owners. There shall also accompany the financial statement a similar list of loanees. The financial statement shall state up to what date profits and expenses of common areas are included.
49.Publication of Accounts and Reports.-
A copy of the last financial statement and of the report of the auditor, if any, shall be kept in a conspicuous place in the office of the Association.
50.Appointment of Auditor.-
The Association shall appoint at its general meeting, an auditor who shall audit the accounts of the Association to be prepared by the Board as herein before provided and shall examine the annual return, and verify the same with the accounts relating thereto and shall either sign the same as found by him to be correct duly vouched and in accordance with the law, or specially report to the Association in what respect he finds it incorrect, unvouched or not in accordance with law.
51.Power of Auditor-.
The auditor shall be entitled to call for and examine any papers or documents belonging to the Association relating to the common areas and faculties including limited common areas and facilities) and common expenses and shall make a special report to the Association upon any matter connected with the accounts which appears to him to require notice.
CHAPTER VIII
MORTGAGES.
52.Notice of Association.-
An owner who mortgages his unit, shall notify the Association through the Manager, if any, or the President of the Board in the event there is no Manager, the name and address of his mortgagee; and the Association shall maintain such information in a book entitled “Mortgagees of Units.”
53.Notice of unpaid assessment.- The Association shall at the request of a Mortgagee of a unit report any unpaid assessment due from the owner of such unit.
CHAPTER IX
COMPLIANCE
54Compliance-.
These by-laws are set forth to comply with the requirements of the Haryana Apartment Ownership Act, 1983. In case, any of these by-laws conflict with the provisions of the said Act, it is hereby agreed and accepted that the provisions of the Act will apply.
55.Seal of the Association.-
The Association shall have a common seal which shall be in the custody of the Secretary, and shall be used only under the authority of a resolution of a Board of Managers and every deed of instrument to which the seal is affixed shall be attested for or on behalf of the Association by two members of the Board and the Secretary or any other person authorized by the Association in that behalf.
CHAPTER X
AMENDMENTS TO PLAN OF APARTMENT OWNERSHIP
56.Amendment of by-laws.-
These by-laws may be amended by the Association in a duly constituted meeting for such purpose and no amendment shall take effect unless approved by owners representing at least 75 per cent of the total value of all units in the………… condominium as shown in the declaration.