Section 24
Books of account to be maintained by Institute.
The Indian Institute of Management Act, 2017
About this Act
An Act to declare certain Institutes of management to be institutions of national importance with a view to empower these institutions to attain standards of global excellence in management, management research and allied area of knowledge and to provide for certain other matters connected therewith or incidental thereto.
Every Institute shall keep proper updated
books of account with respect to—
(a) all sums of money received and expended by it and the matters in respect of which receipt and expenditure takes place;
(b) the assets and liabilities of the Institute;
(c) the properties, movable and immovable of the Institute.
Explanation.—For the purposes of this section, if books of account give a true and fair view of the state of affairs of the Institute and its transactions, it shall be deemed as proper books of account with respect to the matters specified therein.
(a) all sums of money received and expended by it and the matters in respect of which receipt and expenditure takes place;
(b) the assets and liabilities of the Institute;
(c) the properties, movable and immovable of the Institute.
Explanation.—For the purposes of this section, if books of account give a true and fair view of the state of affairs of the Institute and its transactions, it shall be deemed as proper books of account with respect to the matters specified therein.