For section 45 of the principal Act, the following section shall be substituted, namely:—

45. Annual statement of Biodiversity Management Committees.

The custodian of the Local Biodiversity Fund shall prepare, in such form and during each financial year at such time as may be prescribed by the State Government, its annual statement giving a full account of its activities during the previous financial year, and submit the same to the local body concerned with a copy to the State Biodiversity Board.".