Section 14B: Record keeping

14B. Record keeping (1) Every registered association shall, for a period of at least 5 years, keep a record containing full details of – (a) the source and destination of funds received, and disposed of, by the association; 194 Acts 2019 (b) transactions, both domestic and international, that shall be sufficient to verify whether those funds have been received and spent in a manner consistent with the objects of the association; (c) the identity of the person who controls or directs the activities of the association, including the members of its managing committee; (d) its beneficiaries and associates. (2) The Registrar may request a registered association to submit financial statements, for such period as he may determine, with detailed breakdowns of receipts and payments and assets and liabilities, and the registered association shall comply with such a request. (3) A registered association shall, upon request, make the records under subsection (1) available to the Registrar, or an investigatory body. (4) Any person who fails to comply with this section shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees and to imprisonment for a period not exceeding 2 years.