Chapter VI Chapter VI

App lication of Boards assets.— All property, funds and other assets vesting in the Board shall be held and applied by it, subject to the provisions and the purposes of this Act.

1. (1) The Board shall have and maintain its own fund, to which shall be credited,—
   • (i) all monies received by the Board by way of grants, subventions, loans, advances or otherwise;
   • (ii) all fees, costs and charges received by the Board under this Act.
2. (2) The Board may keep in current account 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 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 by such officers of the Board as may be authorised by it by regulations made in this behalf.

performances of the functions of the Board under this Act and all such grants, subventions, loans, advances and capital contribution made shall be on such terms and conditions as the Government may, after consulting the Board, determine.

The Board may, subject to such conditions as prescribed, borrow money in the open market or otherwise with a view to provide itself with adequate resources.

1. (1) The Board 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 Board.
3. (3) None of the funds referred to in subsection (1) shall be utilised for any purpose other than that for which it is maintained without the previous approval of the Government.

The Board shall have the authority to spend such sums as it thinks fit for the purpose authorized under this Act from and out of the general fund of the Board referred to in section 29.

1. (1) The Board 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.
2. (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.
3. (3) The Board shall be competent to make variations in the programme of work in the

financial statement.

1. (4) 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 Board shall maintain books of account and other

books in relation to its business and transaction in such form and in such manner, as prescribed.

1. (2) The accounts of the Board shall be audited by an auditor appointed by the Government.
2. (3) As soon as the accounts of the Board are audited the Board shall send a copy thereof with a copy of the report of the auditor thereon to the Government.
3. (4) The Government shall cause the accounts of the Board together with the audit report thereon forwarded to it under subsection (3) to be laid annually before the State Legislature.

1. (1) Notwithstanding anything

contained in section 35, the Government may order that there shall be concurrent audit of accounts of the Board by such person 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 Board relating to any particular transaction or class or series of transactions or to a particular period.

1. (2) When an order is made under subsection (1), the Board shall present or cause to be presented for audit such accounts and shall furnish the person appointed under subsection
2. (1) such information as the said person may require for the purpose of audit.