Chapter IV Chapter IV

Finance, Accounts and Audit

All property, funds and other assets vesting in the Corporation shall be held and applied by it, subject to the provisions and for the purposes of this Act.

1. (1) The Corporation shall have and maintain its own fund, to which shall be credited,—
   • (a) all monies received by the Corporation by way of grants, subventions, loans, advances or otherwise;
   • (b) all fees, costs and charges received by the Corporation under this Act;
   • (c) all monies received by the Corporation from the disposal of lands, buildings and other properties, movable and immovable, and other transactions;
   • (d) all monies received by the Corporation by way of rents and profits, or in any other manner or from any other source including the proceeds of any loan authorised by section 20.
2. (2) The Corporation may keep in current or in deposit account with the State Bank of India or any other Bank approved by the Government in this behalf such sum of money out of its fund as may be prescribed and any money in excess of the said sum shall be invested in such manner as may be approved by the Government.
3. (3) Such accounts shall be operated upon by such officers of the Corporation as may be authorised by it by regulations made in this behalf.

Corporation.— The Government may, after due appropriation made by the Legislature by any

– 8 – law in this behalf, make such grants, subventions, loans and advances and capital contributions to the Corporation as it may deem necessary for the performances of the functions of the Corporation under this Act; and all grants, subventions, loans and advances and capital contribution made shall be on such terms and conditions as the Government may, after consulting the Corporation, determine.

The Corporation may, subject to such conditions as may be prescribed in this behalf, borrow money in the open market or otherwise with a view to providing itself with adequate resources.

The Corporation may accept deposits on such conditions as it deems fit from persons, authorities or institutions to whom allotment or sale of land, buildings or sheds is made or is likely to be made in furtherance of the objects of this Act.

1. (1) The Corporation shall make provision for reserve and other specially denominated funds as the Government may, from time to time, direct.
2. (2) The management of the funds referred to in sub-section (1), the sums to be transferred from time to time to the credit thereof and the application of money comprised therein, shall be determined by the Corporation.
3. (3) None of the funds referred to in sub-section (1) shall be utilized for any purpose other than that for which it was constituted, without the previous approval of the Government.

1. (1) The Corporation shall have the authority to spend such sums as it thinks fit for the purposes authorised under this Act from and out of the general fund of the Corporation referred to in section 18 or from the reserve and other funds referred to in section 22, as the case may be.
2. (2) Without prejudice to the generality of the power conferred by sub-section (1), the Corporation may contribute such sums as it thinks fit towards expenditure incurred or to be incurred by any local authority or statutory public undertaking in the performance of the statutory functions of such authority or undertaking, including expenditure incurred in the acquisition of land.

1. (1) The Corporation shall, by such date in each year

as may be prescribed, prepare and submit to the Government for approval an annual financial statement and the programme of work for the succeeding financial year.

1. (2) The annual financial statement shall show the estimated receipts and expenditure during the succeeding financial year in such form and detail as may be prescribed.
2. (3) The Corporation shall be competent to make variations in the programme of work in the course of the year, provided that, all such variations and re-appropriations out of the sanctioned budget are brought to the notice of the Government by a supplementary financial statement. – 9 –
3. (4) A copy each of the annual financial statement and the programme of work and the supplementary financial statement, if any, shall be placed before the Legislative

Assembly as soon as may be after their receipt by the Government.

1. (1) The Corporation shall maintain books of accounts and other books in relation to its business and transaction in such form, and in such manner, as may be prescribed.
2. (2) The accounts of the Corporation shall be audited by an auditor appointed by the Government, in the prescribed manner.
3. (3) As soon as the accounts of the Corporation are audited, the Corporation shall send a copy thereof with a copy of the report of the auditor thereon to the Government.
4. (4) The Government shall cause the accounts of the Corporation together with the audit report thereon forwarded to it under sub-section (3) to be laid annually before the Legislative Assembly.

1. (1) Notwithstanding anything contained in section 25, the Government may order that there shall be concurrent audit of the accounts of the Corporation by such persons as it thinks fit. The Government may also direct a special audit to be made by such person as it thinks fit of the accounts of the Corporation relating to any particular transaction or class or series of transaction or to a particular period.
2. (2) When an order is made under sub-section (1), the Corporation shall present or cause to be presented for audit such accounts and shall furnish the person appointed under sub-section (1) such information as the said person may require for the purpose of audit.