Each association formed under this chapter shall prepare and make out an annual report on forms furnished by the director of the State extension service of Clemson University containing: (1) The name of the association; (2) Its principal place of business; and (3) A general statement of its business operations during the fiscal year, showing (a) the amount of capital stock paid up and the number of stockholders, if a stock association, or the number of members and amount of membership fees received, if a nonstock association, (b) the total expenses of operations, (c) the amount of its indebtedness or liability and (d) its balance sheets.
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