Chapter V FINANCES, ACCOUNTS, AUDIT AND DEBTS

The State Government may transfer buildings, land or any other property to the Board, whether moveable or immoveable, for use and management by the Board on such terms and conditions as the State Government may deem fit for the purposes of this Act.

1. (1) The Board shall have its own fund and all receipts of the Board shall be credited thereto, and all payments by the Board shall be made therefrom.
2. (2) The Board may accept grants, subventions, donations and gifts and receive loans from the Government or a local authority or any body or association, whether incorporated or not, or an individual for all or any of the purposes of this Act.
3. (3) The Board may spend such sum as it thinks fit for the performance of its functions under this Act and such a sum shall be treated as expenditure payable out of the fund of the Board.
4. (4) All moneys belonging to the fund of the Board shall be deposited in such manner as the State Government may, by a special or general order, direct.
5. (5) The accounts of the Board shall be operated by such officers jointly or individually as may be authorised by the Board.

All property, fund and other assets of the Board shall be held and applied by it subject to the provisions and for the purposes of this Act.

The State Government may, from time to time, make such grants, subventions, loans and advances to the Board for the purpose of performance of its functions under this Act, on such terms and conditions as the State Government may determine in each case.

The Board may, from time to time, with the previous sanction of the State Government and subject to the provisions of this Act and the rules made in this behalf and upon such conditions as the State Government may determine, borrow any sum required for the purposes of this Act.

The Board shall prepare its budget for the next financial year in such form and at such time in each financial year, as may be prescribed by the State Government. The budget shall contain a statement showing estimated receipts and expenditure on capital and revenue accounts of the Board according to the programme and the Schedule of the stock and forward same to the State Government.

1. (1) The State Government may approve and sanction the budget submitted to it under section 24 with such modifications as it deems proper.
2. (2) The Board may re-appropriate such amounts as may be necessary from one scheme to another scheme subject to the conditions that the cost of any scheme as originally sanctioned shall not be exceeded by more than 33 1/3 per cent.
3. (3) The Board may write off losses up to Rs.5000/- in individual cases and not exceeding Rs. 50,000/- in the aggregate in any financial year in cases falling under any or all of the following categories:-
   • (a) loss of irrecoverable value of stores or of public money due to theft, fraud or such other cause;
   • (b) loss of irrecoverable advance other than loans; and
   • (c) deficiency and depreciation in the value of stores.

The Board may prepare and submit a supplementary budget for the sanction of the State Government in such form and before such date as may be prescribed and the provisions of section 25 shall apply to such supplementary budget.

1. (1) The Board shall, prepare once in every year in such form and at such time as may be prescribed, an annual report giving true and complete account of its activities during the previous financial year along with a copy of the annual statement of accounts referred to in section 29 and shall submit the same to the State Government.
2. (2) The State Government, as soon as may be, after receipt of report under sub-section (1), cause the same to be laid before the State Legislature.

The Board shall, before such date, at such intervals, and in such manner, as the State Government may from time to time direct, submit to the State Government a report on such matters and such statistics and such returns as the State Government may direct.

1. (1) The Board shall maintain its accounts and prepare the annual statement of accounts shall be prepared in such form and in such manner as may be prescribed.
2. (2) The accounts of the Board shall be audited by an auditor, duly qualified to act as an auditor of companies under section 226 of the Companies Act, 1956, who shall be appointed by the Board after approval from the State Government.