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.