Chapter IV FINANCE, ACCOUNTS, AUDIT AND ANNUAL REPORT OF COMMISSION

18.

1. (1) The Commission shall have its own fund and all receipts of the Commission shall be carried thereto and all payments by the Commission shall be made therefrom.
2. (2) The Commission may accept grants, subventions, donations and gifts from the Central Government or the State Government or a local authority or any individual or body, whether incorporated or not, for the purposes of this Act.
3. (3) The Commission may spend such sums as it thinks fit for the performance of its functions under this Act and such sums shall be treated as an expenditure payable out of the fund of the Commission.
4. (4) All moneys belonging to the fund of the Commission shall be kept in any corresponding new Bank specified in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and in column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 and approved by the State Government for the purpose or invested in securities authorised by the Trusts Act, 1882, at the discretion of the Commission.

19. (1)

1. (a) The Commission shall, by such date in each year as may be prescribed by rules, submit to the State Government for approval a budget in the prescribed form for the next financial year showing the estimated receipts and expenditure and the sums which would be required from the State Government during that financial year.
2. (b) If any sum granted by the State Government remains wholly or partly unspent in any financial year, the unspent sum may be carried forward to the next financial year and taken into account in determining the sum to be provided by the State Government for that year.

1. (2) No sum shall be expended by or on behalf of the Commission unless the expenditure is covered by provision in the budget approved by the State Government.

20.

1. (1) The accounts of the Commission shall be prepared and maintained in such form and in such manner as may be prescribed by rules.
2. (2) The Commission shall cause to be prepared for each financial year an annual statement of accounts in such form as may be prescribed by rules.
3. (3) The accounts of the Commission shall be audited by an Auditor duly qualified to act as an auditor of companies under section 226 of the Companies Act, 1956.
4. (4) The Auditor shall be appointed by the Commission.
5. (5) Every Auditor appointed to audit the accounts of the Commission under this Act shall have a right to demand the production of books of accounts, connected vouchers and other documents and papers, to inspect the offices of the Commission and to require such information from the Commission as he may think necessary for the performance of his duty as an auditor.
6. (6) The Auditor shall send a copy of his report together with a copy of audited accounts to the Commission which shall, as soon as may be after the receipt of the audit report, forward the same to the State Government.
7. (7) The State Government shall, as soon as may be after the receipt of audit report under sub-section (6), cause the same to be laid before the State Legislature.

21.

1. (1) The Commission shall, during each financial year, prepare, in such form and at such time as may be prescribed by rules, an annual report giving a true and full account of its activities during the previous financial year and copies of such report shall be forwarded to the State Government.
2. (2) The State Government shall cause every such report to be laid before the State Legislature within a period of six months from the date of its receipt under sub-section (1).