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CHAPTER
- V
FINANCE,
ACCOUNTS, AUDIT AND ANNUAL REPORT
23.
FUND OF BOARD:
(1)
The Board shall have its own fund and all receipts and sums which may,
from time to time, be received by the Board from the State Government
or any other person or agency and the amount charged by the Board under
section 21, shall be credited thereto and all payments of the Board
shall be made therefrom.
(2)
The Board shall have the powers, subject to the provisions of this Act,
to spend such sums as it thinks fit to cover administrative expenses
and for the performance of its functions and such sums shall be treated
as expenditure payable out of the fund of the Board.
(3)
All money standing at the credit of the Board which cannot be immediately
applied as provided in sub-section (2), shall be deposited in the Scheduled
Bank or Banks or in the Public Account of the State Government or may
be deployed in such other manner and subject to such conditions as are
contained in regulations framed by the Board for this purpose.
24.
ADDITIONAL CAPITAL AND GRANTS TO THE BOARD BY
THE GOVERNMENT:
The
Government may after due appropriation made by Legislature by law in
this behalf,-
(a)
provide any capital, over and above the capital arising out of the winding
up of the Government Owned Companies, that may be required by the Board
for
the discharge
of its functions under this Act or for any purpose connected therewith
on such terms and conditions as the Government may determine; and
(b) pay to the Board, on such terms and conditions as the Government may
determine, by way of loans or grants such sum of money as the Government
may consider necessary for the efficient discharge by the Board of its
functions under this Act.
25.
BORROWING POWER OF BOARD:
(1)
The Board may, with the consent of the Government, or in accordance
with the terms of any general or special authority given to it by the
Government, borrow money from any source by the issue of bonds, debentures,
loans or such other instruments as it may deem fit for the discharging
all or any of its functions under this Act.
(2)
The Government may guarantee in such manner as it thinks fit for the
repayment of the principal and the payment of interest thereon with
respect to the loans borrowed by the Board under sub-section (1).
(3)
Subject to such limits as the Government may, from time to time, lay
down, the Board may borrow temporarily by way of overdraft or otherwise
such amounts as it may require for discharging its functions under this
Act.
26. ACCOUNTS AND AUDITS:
(1)
The accounts of the Board shall be prepared and maintained in such form
and in such manner as may be provided by the regulations.
(2)
The Board shall cause to be prepared for each Financial year an annual
statement of accounts in such form as may be provide by the regulations.
(3)
The accounts of the Board shall be audited by an auditor duly qualified
to act as an auditor of Companies under section 226 of the Companies
Act, 1956. (1 of 1956)
(4)
The auditor shall send copy of the report together with audited copy
of accounts to the Board which shall, as soon as may be, after the receipt
of the audit report forward the same to the State Government.
(5)
The State Government shall cause the audit report together with audited
copy of accounts to be laid before the State Legislature, as soon as
may be, after the receipt of the same under sub-section(4).
27. ANNUAL REPORT:
(1)
The Board shall during each Financial year prepare in such form and
at such time as may be provided by regulations, an annual report giving
a true and full account of its activities during the previous Financial
year and an account of the activities likely to be undertaken by it
in current Financial year and copies of such report shall be forwarded
to the State Government.
(2)
The State Government shall cause every such report to be laid before
the State Legislature, as soon as may be, after the receipt of the report
under sub-section(1).
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