Vidhi Codex

Gujarat Backward Classes Development Corporation Act, 1985

Chapter IV FINANCE, ACCOUNTS AND AUDIT

General198529 of 29 sections available5 chapters
Read full ActSections

Chapter IV FINANCE, ACCOUNTS AND AUDIT

18. State Government to provide initial capital

Statutory text
  1. (1) The State Government may provide to the Corporation such sum not exceeding 12[fifty crores of rupees] as the State Government may think fit as capital that may be required by the Corporation for the purpose of carrying out its functions: Provided that where the capital initially provided is less than 12[fifty crores of rupees] the State Government may from time to time increase the capital to sum not exceeding 12[fifty crores of rupees].
  2. (2) Such capital may be provided subject to such terms and conditions as may be determined by the State Government.
  3. (3) The Capital so provided shall form part of the fund of the Corporation.

Chapter IV FINANCE, ACCOUNTS AND AUDIT

19. Fund of Corporation

Statutory text
  1. (1) The Corporation shall have its own fund.
  2. (2) The Corporation may accept grants, subventions, donations and gifts from the Central or State Government or a local authority or any individual or body of individuals whether incorporated not, for all or any of the purposes of this Act.
  3. (3) All sums which may from time to time be paid to it by the State Government and all other receipts of the Corporation shall be carried to the fund of the Corporation and all payments by the Corporations, shall be made therefrom.
  4. (4) The Corporation may spend such sums as it thinks fit for the performance of its functions under this Act, and such sums shall be treated as expenditure payable out of the fund of the Corporation.
  5. (5) All moneys belonging to the fund of the Corporation shall be deposited in such bank or invested in Government securities or in such other manner as the State Government may, by general or special order, direct.

Chapter IV FINANCE, ACCOUNTS AND AUDIT

20. Accounts

Statutory text
  1. (1) The balance-sheet and accounts of the Corporation shall be prepared and maintained in such form and manner as may be prescribed.
  2. (2) The Corporation shall cause books of accounts of the Corporation to be balanced and closed on the thirty-first day of March, every year.

Chapter IV FINANCE, ACCOUNTS AND AUDIT

21. Audit

Statutory text
  1. (1) The accounts of the Corporation shall be audited once in every financial years, by auditors duly qualified to act as auditors under sub-section-(1) of section 226 of the Companies Act, 1956, who will be appointed by the Corporation and shall receive the remuneration from the Corporation as the Corporation may fix.
  2. (2) The auditors shall be supplied with copy of the annual balance-sheet and the income and expenditure account of the Corporation and it shall be the duty of the auditors to examine them together with the accounts and vouchers relating thereto and they shall have a list delivered to them of all books kept by the Corporation and shall at all reasonable times have access to the books, accounts and other documents of the Corporation and may require from any director or officer of the Corporation such information as they may think necessary for the performance of their duties as auditor.
  3. (3) The auditors shall make a report to the Corporation upon the annual balance-sheet and accounts examined by them and in every such report shall state whether, in their opinion, the balance-sheet is a full and fair balance-sheet containing necessary particulars and properly drawn up so as to exhibit a true and fair view of the state of affairs of the Corporation.
  4. (4) The Corporation shall furnish to the State Government a copy of its balance-sheet and accounts together with a copy of the report made by auditors under sub-section
  5. (3) and a report on the working of the Corporation during the relevant period, within four months from the date on which its accounts are closed and balanced.
  6. (5) Copies of the reports referred to in sub-section
  7. (4) shall be laid by the State Government, as soon as may be, before the State Legislature.

Some statutory text is still being prepared for this language version.

PDF: pending for this language.