Chapter XI BUDGET AND ACCOUNTS

(1) Every marketing committee shall prepare and pass the budget on its income and expenditure for the ensuing year in the prescribed form and shall submit it to the Board for sanction before the prescribed date. The Board shall sanction the budget with or without modification within three months from the date of receipt thereof. If the budget is not returned by the Board within three months, it shall be presumed to have been sanctioned. (2) No expenditure shall be incurred on any item if there is no provision on the sanctioned budget thereof, unless it can be met by re-appropriation from saving under any other Head and has sanction for re-appropriation of the Vice-Chairman of the Board.

A marketing committee may at any time during the year for which a budget has been sanctioned, cause a revised or supplementary budget to be prepared, passed and sanctioned in the same manner as if it were the original budget.

(1) The marketing committee shall issue order execution of work as may be prescribed in the regulations relating to delegation of powers and duties and or its bye-laws. (2) The Board, while according the sanction referred to in sub-section (1) for execution of any development, maintenance or improvement work, may, at its discretion, direct that the execution of work shall be entrusted to a Department of the Government or to the Board or to marketing committee itself or to any other agency authorised by the Board.

Every marketing committee shall keep a true and correct amount of all its receipts and expenditure in such manner and in such Form as may be prescribed.

(1) At the end of every year, a marketing committee shall draw up its final accounts of receipts and expenditure and a balance sheet of its assets and liabilities and prepare an annual administrative report in such manner and in such Form as may be prescribed. (2) Copies of accounts, balance sheet and administrative report referred to in sub-section (1) shall be submitted to the Board and the Director by such time as may be prescribed.