(1) Every registered society shall cause to be kept proper books of account of or relating to -
(a) all moneys received and expended by the society,
(b) the matters in respect of which such receipt and expenditure takes place, and
(c) the assets and liabilities of the society,
and such accounts shall be kept in relation to each year in the period of six years preceding the current financial year of a society or in relation to the period since the registration of the society, whichever is the shorter.
(2) A registered society shall be taken not to have complied with this Regulation if the books of account do not give a true and fair view of the society's affairs and explain its transactions.