Chapter IV FINANCE, ACCOUNTS AND AUDIT

Funds of the Board -

1. (1) The Board shall have its own fund and all receipts of the Board shall be credited thereto and all payments by the Board shall be made therefrom. The fund shall be operated by an officer or officers authorised by the Board, subject to the conditions prescribed.
2. (2) The Board may accept grants, subventions, donations and gifts and borrow any amount from the State or the Central Government, or the Commission or a local authority or a commercial bank or a co-operative financing society or all or any of the purposes of this Act.
3. (3) The previous sanction of the Government shall be obtained for receiving any loan or borrowing any amount under sub-section (2): Provided that the provisions of this sub-section shall not apply when the Board receives any loan or borrows any amount from the State Government or the Commission.
4. (4) The sums borrowed from the Government (State or Central) or the Commission shall be a charge on the assets of the Board.
5. (5) All moneys belonging to the fund of the Board shall be deposited in such Bank and Treasury or be invested in such securities as may be approved by the Government.

Application of fund and property- The property, fund and other assets of the Board shall be held and applied by it subject to the provisions, and for the purpose of this Act.

Subventions and grants to the Board -

1. (1) The Government may, from time to time, make subventions and grants to the Board for the purposes of this Act on such terms and conditions as the Government may determine in each case.
2. (2) The Board may ask for specific allocations of funds from the funds of the Commission to be spent on schemes undertaken by the Board subject to the approval of the Commission.

Recovery of arrears -

1. (1) Where any loan or advance granted by the Board to any institution or person is not repaid before the date specified therefor or where any other amount is due to the Board from any person or institution either under a contract or otherwise, the Board may without prejudice to any other mode of recovery, issue a certificate for the amount due, to the Collector of the District concerned, and the Collector shall proceed to recover the amount in the same manner as an arrear of land revenue. Provided that no certificate under this sub-section shall be issued unless the defaulter has been given an opportunity of making a representation against the action proposed: Provided further that it shall be lawful for the Board to issue succession certificates under this sub-section to the Collector for the realisation of its dues in full, if it is satisfied that the defaulter has come into possession of assets from which it can recover its dues.
2. (2) The Board may write off irrecoverable losses with the previous sanction of the Government or the Commission as the case may be subject to such limits as may be laid down in the regulations.

Budget -

1. (1) The Board shall prepare in such form as may be prescribed, a budget in respect of the financial year next ensuing showing the estimates, receipts and expenditure on capital and revenue accounts according to the annual programme referred to in section 13; and the Schedule of the stock and sufficient number of copies of such budget shall be forwarded to the Government before the prescribed date.
2. (2) The Government may sanction the budget with such modifications as they may deem fit.
3. (3) The Board shall be competent to re-appropriate such amount as may be necessary from one scheme to another or within sub-heads and minor heads, subject to the condition that the cost of any scheme shall not exceed the amount originally sanctioned by the Government by more than one-third without approval of the Government.

Supplementary Budget- The Board may forward a supplementary budget for the sanction of the Government in such form and before such date as may be prescribed and the provisions of sub-sections (2) and (3) of section 20 shall apply to such supplemental budget.

Annual Report -

1. (1) The Board shall prepare in such form and at such time as may be prescribed an annual report giving a true and full account of its activities during the previous year and sufficient number of copies thereof shall be forwarded to the Government.
2. (2) The Government shall on receipt of the annual report under sub-section (1) cause a copy of the same to be laid on the table of the Legislative Assembly of the State.

Accounts and Audit -

1. (1) The Board shall maintain such books of account and other books in relation to the account, in such form, and in such manner as may be prescribed.
2. (2) The accounts of the Board shall be audited, at such time and in such manner as may be prescribed, by a chartered accountant or by such person as the Government may appoint in this behalf.
3. (3) As soon as the accounts of the Board are audited, the Board shall send, in such manner as may be prescribed, a copy thereof together with a copy of the report of the auditor relating thereto, to the Government.

Returns and Reports - The Board shall furnish to the Government such returns, accounts and other information with respect to its fund or its activities as the Government may require.