Funds of the Authority

(1) The Skill Development Authority shall have its own fund to which shall be credited all grants, subventions, donations or gifts made by the Central or State Government or any local authority or any body, whether incorporated or not, or any person. (2) All money received by or on behalf of the Authority shall be deposited in such banks or invested in such manner as may be decided by the Authority. (3) The Authority may spend such sums as it thinks fit for performing the functions under this Act. (4) The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts. (5) The accounts of the Authority shall be audited annually by the Auditor General or such other person as the State Government may direct. (6) The Authority shall submit an annual report to the State Government annually. (7) The Authority may create and maintain a 'Skill Development Fund' for the purpose of financing the skill development activities. (8) The Authority shall prepare a budget for the financial year and submit it to the State Government for approval. (9) The Authority may hire services of professionals for managing the financial and administrative affairs of the Authority. (10) The Authority shall ensure transparency and accountability in the utilization of the funds. (11) The Authority may also receive funds from the Corporate Social Responsibility initiatives of public and private companies. (12) The State Government may, from time to time, make grants to the Authority. (13) The Authority shall have the power to invest its surplus funds in approved securities. (14) The Authority shall ensure that all payments are made towards the achievement of the objectives of the Act. (15) The Authority may borrow money with the prior approval of the State Government. (16) The Authority shall have the power to dispose of the assets if they are found redundant for the purpose of the Act, with the prior approval of the State Government. The Chief Executive Officer shall be the executive authority, for the purposes of this act and shall have the following functions, namely: (a) To prepare and submit, for the consideration of the Executive Committee, the five-year perspective plan and the Annual Skill Development Plan for the State; (b) To propose regulations to be notified under Section 11 of the Act; (c) To monitor the performance of Vocational Training Providers, Third Party Assessors or District Authorities and to take such remedial measures as required to be taken under the regulations for the effective implementation of the provisions of this Act. (d) To recruit personnel on contract or otherwise, against approved posts; (e) To enter into agreements for, and on behalf of, the State Authority in respect of leasing, hiring, or procurement of goods, services and properties and for collaboration with institutions of national or international repute engaged in skill development; (f) To dispose off movable properties from time to time; (g) To manage the administration of the State Authority and the District Authorities and to act as the disciplinary authority in respect of all persons employed on contract or otherwise therein; (h) To receive loans, grants, gifts, donations, bequests, benefactions or transfers of movable or immovable properties, on behalf of State Authority, under the provisions of this Act and to enter into agreements for such purposes; (i) To have custody of the funds of the State Authority; (j) To prepare the financial estimates, prior to the commencement of each financial year and to sanction expenditure against available funds within the extent of delegation approved by the Executive Committee; (k) To ensure the preparation and maintenance of the books of accounts and other relevant records; (l) To ensure the preparation of the Annual Report and the Financial Statement of Accounts of each financial year for the consideration of the Executive committee; (m) To represent the State Authority, as its recognized agent for all purposes under this Act including in respect of any proceeding, before any court or quasi-judicial authority; (n) To convene meetings of the Governing Council or Executive Committee, as the case may be; and (o) Without prejudice to any other provisions of this Act, the Chief Executive Officer shall exercise such other powers and perform such other functions, as may be delegated by the Governing Council or the Executive Committee necessary for carrying out the day to day administration of the State Authority or the District Authority. The Chief Executive Officer shall be the executive authority, for the purposes of this act and shall have the following functions, namely :- (a) To prepare and submit, for the consideration of the Executive Committee, the five-year perspective plan and the Annual Skill Development Plan for the State; (b) To propose regulations to be notified under Section 11 of the Act; (c) To monitor the performance of Vocational Training Providers, Third Party Assessors or District Authorities and to take such remedial measures as required to be taken under the regulations for the effective implementation of the provisions of this Act. (d) To recruit personnel on contract or otherwise, against approved posts; (e) To enter into agreements for, and on behalf of, the State Authority in respect of leasing, hiring, or procurement of goods, services and properties and for collaboration with institutions of national or international repute engaged in skill development; (f) To dispose off movable properties from time to time; (g) To manage the administration of the State Authority and the District Authorities and to act as the disciplinary authority in respect of all persons employed on contract or otherwise therein; (h) To receive loans, grants, gifts, donations, bequests, benefactions or transfers of movable or immovable properties, on behalf of State Authority, under the provisions of this Act and to enter into agreements for such purposes; (i) To have custody of the funds of the State Authority; (j) To prepare the financial estimates, prior to the commencement of each financial year and to sanction expenditure against available funds within the extent of delegation approved by the Executive Committee; (k) To ensure the preparation and maintenance of the books of accounts and other relevant records; (l) To ensure the preparation of the Annual Report and the Financial Statement of Accounts of each financial year for the consideration of the Executive committee; (m) To represent the State Authority, as its recognized agent for all purposes under this Act including in respect of any proceeding, before any court or quasi-judicial authority; (n) To convene meetings of the Governing Council or Executive Committee, as the case may be; and (o) Without prejudice to any other provisions of this Act, the Chief Executive Officer shall exercise such other powers and perform such other functions, as may be delegated by the Governing Council or the Executive Committee necessary for carrying out the day to day administration of the State Authority or the District Authority. In Section 14 of the Principal Act- (i) In clause (n), the word "and" shall stand deleted. (ii) After clause (n), the following shall be inserted, namely :- "(nn) To perform such other functions, not being inconsistent with the purposes of this Act, as assigned to him by the State Government; and"