The annual accounts of a friendly society or a registered branch shall be approved by the committee of management.

The accounts so approved shall be signed by the secretary of the society or branch; and the signature shall be on the balance sheet.

Every copy of the balance sheet which is laid before the society or branch in general meeting, or is otherwise circulated, published or issued, shall state the name of the secretary of the society or branch.

The copy of the balance sheet of a friendly society or a registered branch which is sent to the F1Authority under section 78 below shall be signed by the secretary of the society or branch.

If annual accounts of a society or branch are approved which do not comply with the requirements of this Act, every member of the committee of management who is party to their approval and who knows that they do not comply or is reckless as to whether they comply is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.

For this purpose every member of the committee at the time the accounts are approved shall be taken to be a party to their approval unless he shows that he took all reasonable steps to prevent their being approved.