Section 54

The accounts of the local authority shall, as soon as may be, be balanced for the preceding financial year and an annual statement of account of the Local Authority Fund shall be prepared.

Copies of such annual statement signed by the Commissioner of the City of Kuala Lumpur, Mayor or President, as the case may be, shall be laid before the local authority not later than its first ordinary meeting in the month of May following or at any time thereafter as allowed by the local authority.

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Such annual statement shall be prepared in such form and shall contain such information as may be required by the State Authority.