Central
Section 7A of The Jallianwala Bagh National Memorial Act, 1951
1[7A. Power to approve audited accounts.--The Trust shall meet at least once in a year to approve the audited accounts of the Trust and shall transact such other business as may be considered necessary.]
Summary
- The Trust must hold a meeting at least one time every year.
- The primary mandatory purpose of this annual meeting is to approve the audited accounts, which are the officially checked financial records of the Trust.
- During this meeting, the Trust is also allowed to conduct and settle any other business that they decide is necessary.
Practical examples
1In October 1958, the Jallianwala Bagh Trust schedules its annual meeting. During this session, the members review the financial books checked by the auditors, confirm that the expenditures of 15,000 rupees for garden repairs are correct, and sign off to approve the accounts.
2During the mandatory yearly meeting in December 1970, the Trust first approves its audited financial statements. After completing this task, they discuss and approve a new contract for hiring five security guards, which is considered necessary business.
FAQ
1. How often must the Trust meet to approve the audited accounts?
They must meet at least once in a year.
2. What is the main financial task the Trust must complete during this meeting?
They must approve the audited accounts, meaning the verified financial reports of the Trust.
3. Can the Trust discuss other matters during the meeting held for account approval?
Yes, they can handle any other business that they consider necessary.
Test yourself
Q1.How many times a year must the Trust meet under Section 7A?
Q2.What is the specific financial document that the Trust must approve at this meeting?
Q3.Besides approving accounts, what else can the Trust do at this meeting?
Q4.Who is required to meet under Section 7A?
Q5.What does "audited accounts" mean in plain terms?