Chapter V AUTHORITY FUND, ACCOUNTS, AUDIT AND REPORTS

17.

1. (1) The Authority shall have a fund to be called the Authority Fund which shall be operated by such officer as may be authorized by the Authority.
2. (2) The Authority may accept grants, subventions, contributions, donations and gifts from the Central Government, the State Government, a local authority, any international organization or any individual or body, whether incorporated or not, for all or any of the purposes of this Act.
3. (3) The State Government shall, every year, make a grant to the Authority of a sum equivalent to the administrative expenses of the Authority till the Authority is able to meet its administrative expenses out of its own resources.
4. (4) All moneys received by or on behalf of the Authority by virtue of this Act and all interest, profits, and other moneys accruing to or borrowed by the Authority, shall be credited to the Fund. (5)

18. The Authority shall prepare, every year, in such form and at such time as may be prescribed, an annual budget estimate in respects of the next financial year showing the estimated receipts and expenditure of the Authority and shall submit a copy thereof to the State Government.

19.

1. (1) The Authority shall prepare, after the end of each year in such form and before such date as may be prescribed, an annual report of its activities during the previous year and programme of work likely to be undertaken by the Authority and submit a copy thereof to the State Government.
2. (2) The State Government shall, as soon as may be after the receipt of the annual report under sub-section (1), cause the same to be laid before the State Legislature.

20.

1. (1) The State Government may from time to time, make subventions to the Authority for the purposes of this Act on such terms and conditions as the State Government may determine.
2. (2) The State Government, may, from time to time, advance loans to the Authority for the purposes of this Act, on such terms and conditions as the State Government may determine.

21.

Accounts and audit 22.

1. (1) The Authority shall maintain books of account and such other books in such form and in such manner as may be prescribed and shall prepare in accordance with such rules an annual statement of account.
2. (2) The Authority shall cause its account to be audited annually by such person as the State Government, may direct.
3. (3) As soon as the account of the Authority have been audited, the Authority shall send a copy thereof together with a copy of the report of the auditor thereon to the State