Lawgist52Powers and duties of auditors
(1) Every auditor shall be supplied with a copy of the annual balance-sheet, and it shall be his duty to examine the same, together with the accounts and vouchers relating thereto; and every auditor shall have a list delivered to him of all books kept by the Bank, and shall at all reasonable time have access to the books, accounts and other documents of the Bank, and may at the expense of the Bank 2*** employ accountants or other person to assist him in investigating such accounts, and may, in relation to such accounts, examine any Director or officer of the Bank.
(2) The auditors shall make a report 3*** to the 1[Central Government] 4*** upon the annual balance-sheet and accounts, and in every such report they shall state whether, in their opinion, the balance-sheet is a full and fair balance-sheet containing all necessary particulars and properly drawn up so as to exhibit a true and correct view of the state of the Bank’s affairs, and, in case they have called for any explanation or information from the Central Board, whether it has been given and whether it is satisfactory. 5***.
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1. Subs. by the M.O. 1937, for "G.G. in C.".
2. The words "if appointed by it or at the expense of the Central Government if appointed by that Government" omitted by Act 24 of 1955, s. 9 (w.e.f. 8-5-1955).
3. The words "to the shareholders or" omitted by Act 62 of 1948, s. 7 and the Schedule (w.e.f. 1-1-1949).
4. The words "as the case may be" omitted by s. 7 and the Schedule, ibid. (w.e.f. 1-1-1949).
5. The words "Any such report made to the shareholders shall be read, together with the report of the Central Board, at the annual general meeting" omitted by s. 7 and the Schedule, ibid. (w.e.f. 1-1-1949).
- 46 Contribution by Central Government to the Reserve Fund
- 46A Contribution to National Rural Credit (Long Term Operations) Fund and Nation al Rural Credit (Stabilisation) Fund
- 46C National Industrial Credit (Long Term Operations) Fund
- 46D National Housing Credit (Long Term Operations) Fund
- 47 Allocation of surplus profits
- 48 Exemption of Banks from income-tax and super-tax
- 49 Publication of Bank rate
- 50 Auditors
- 51 Appointment of special auditors by Government
- 52 Powers and duties of auditors
- 53 Returns
- 54 Rural Credit and Development
- 54A Delegation of powers
- 54AA Power of Bank to depute its employees to other institutions
- 55 [Omitted.]
- 56 [Omitted.]
- 57 Liquidation of the Bank
- 58 Power of the Central Board to make regulations
- 58A Protection of action taken in good faith
