Section 39. Submission of accounts of trust and endowment.

CHAPTER-VII ACCOUNTS OF TRUST AND ENDOWMENT (1) Every trustee and administrator shall keep regular accounts of all transactions relating to the trust and endowment. (2) In every year, every trustee and administrator shall prepare and furnish to the Board a full and true statement of accounts, in such form and containing such particulars as may be provided by regulations of the Board, of all the monies received or expended by the trustee or administrator on behalf of the trust or endowment during the period of twelve months ending on the thirty-first day of March and thereafter the same shall be submitted to the Board on or before thirtieth day of April: Provided that the date on which the annual accounts are to be closed may be varied at the discretion of the Board.