Chapter V FINANCE ACCOUNT AND AUDIT

(1) There shall be a fund of the Authority to be called \u201cthe Gujarat Bovine Breeding Regulatory Authority Fund\u201d to which all moneys received by the Authority, including grants made by the Government, fees received, donations or subsidies, gifts and bequests made to it by any person or institution shall be credited. (2) All funds of the Authority shall be kept in a Scheduled Bank and shall be operated by the person, as may be authorised by the Authority in this behalf, in writing.

(1) The Authority shall keep accounts in such form and in such manner as may be prescribed. (2) The accounts of the Authority shall be audited by the office of the Examiner, Local Fund or by any other auditor appointed by the Authority with the approval of the State Government. (3) The State Government may, if it thinks necessary, appoint a special auditor to inspect and audit the accounts of the Authority. (4) The auditor or the special auditor, as the case may be, shall submit his report to the Authority and shall forward a copy thereof to the State Government.

(1) The Authority shall prepare, an annual report, in such form and by such date, as may be prescribed, for each financial year, giving a full account of its activities during the previous financial year and submit a copy to the Government within one month from the prescribed date. (2) Upon receipt of the annual report, the Government may take such action thereon as it may consider necessary. (3) A copy of the report submitted to the Government, together with a report of the action taken thereon by the Government under sub-section (2), shall be laid before the State Legislature.