Audit.
Section 86
SEC. 86. Audit.— The Administrator shall audit or cause to be audited by some person, hereinafter referred to as the auditor, authorized by him in writing the accounts of every co-operative registered under this Act at least once a year. Every director, committee member, officer, employee or member of the co-operative shall furnish such information in regard to the transactions and working of the co-operative as the administrator or the auditor may require. Co-operatives shall pay the cost of audit as determined by the Administrator in accordance with the scale to be prescribed in the regulations. The Administrator shall have power to collect and credit the amount to the Central Co-operative Audit Fund to be administered by the Central Co-operative Educational Board and also shall have power to appoint auditors from out of a list of persons recommended by the said board, when the personnel of the Co-operatives Administration Office is inadequate to audit all the co-operatives and to meet the remuneration of the auditors from out of the Central Co-operative Audit Fund in the scale to be determined by the Central Cooperative Educational Board. At the close of each fiscal year, fifty per centum or higher proportion of the unexpended balance of the Central Co-operative Audit Fund shall be transferred to the Central Co-operative Educational Fund created under Section eighty-two.