law: Banking Regulation Act, 1949
  29. Accounts and balance-sheet
  (1) At the expiration of each calendar years
  
  or at the expiration of a period of twelve months ending with such date as the
  
  Central Government may, by notification in the Official Gazette, specify in
  
  this behalf,] every banking company incorporated in India], in respect of all
  
  business transacted by it, and every banking company incorporated outside
  
  India], in respect of all business transacted through its branches 102[in
  
  India], shall prepare with reference to that year or period, as the case may
  
  be,] a balance-sheet and profit and loss account as on the last working day of
  
  120[the year or the period, as the case may be,] in the Forms set out in the
  
  Third Schedule or as near thereto as circumstances admit:
  PROVIDED that with a view to facilitating the
  
  transition from one period of accounting to another period of accounting under
  
  this sub-section, the Central Government may by order published in the Official
  
  Gazette, make such provisions as it considers necessary or expedient for the
  
  preparation of, or for other matters relating to, the balance-sheet or profit
  
  and loss account in respect of the concerned year or period, as the case may
  
  be.
  (2) The balance-sheet and profit and loss
  
  account shall be signed-
  (a) in the case of a
  
  banking company incorporated [in India], by the manager or the principal
  
  officer of the company and where there are more than three Directors of the
  
  company, by at least three of those Directors, or where there are not more than
  
  three Directors, by all the Directors, and
  (b) in the case of a
  
  banking company incorporated [outside India ] by the Manager or
  
  Agent of the principal office of the company 122[in India ].
  (3) Notwithstanding that the balance-sheet of
  
  a banking company is under subsection (1) required to be prepared in a form
  
  other than the form 123[set out in Part I of Schedule VI to the Companies Act,
  
  1956 (1 of 1956)1, the requirements of that Act relating to the balance-sheet
  
  and profit and loss account of a company shall, in so far as they are not
  
  inconsistent with this Act, apply to the balance-sheet or profit and loss
  
  account, as the case may be, of a banking company.
  (3A) Notwithstanding anything to the contrary
  
  contained in sub-section (3) of section 210 of the Companies Act, 1956 (1 of
  
  1956), the period to which the profit and loss account relates shall, in the
  
  case of a banking company, be the period ending with the last working day of
  
  the year immediately preceding the year in which the annual general meeting is
  
  held.
  Explanation: In sub-section (3A),
  
  "year" means the year or, as the case may be, the period referred to
  
  in sub-section (1).
  (4) The Central Government after giving not
  
  less than three months' notice of its intention so to do by a notification in
  
  the Official Gazette, may from time to time by a like notification amend the
  
  Forms set out in the Third Schedule.