Chapter IV CONTRACT, FINANCE, ACCOUNTS AND AUDIT.

Every contract or assurance of property on behalf of the Board shall be in writing and executed by such authority or officer and in such manner as may be provided by regulations.

(1) The Board shall have and maintain its own Fund to which shall be credited all moneys received by or on behalf of the Board, including grants, subventions and loans made by the State Government. (2) The Fund shall be applied subject to the provisions and for the purposes of this Act. (3) Except as otherwise directed by the State Government, all moneys forming part of the fund shall be deposited with the State Bank of India or any bank included in the Second Schedule to the Reserve Bank of India Act, 1934, or invested in such securities as may be approved by the State Government.

The State Government may, after appropriation duly made in this behalf, from time to time, make grants and subventions to the Board for the purposes of this Act, on such terms and conditions as the State Government may determine.

The State Government may, from time to time, advance loans to the Board on such terms and conditions as the State Government may determine.

The Board may, from time to time, with the previous sanction of the State Government and subject to the provisions of this Act and to such conditions as the State Government may, by general or special order, impose, borrow any moneys required for the purposes of this Act by making arrangements with the banks or other bodies or institutions approved by the State Government for this purpose.

(1) The Board shall cause to be maintained proper books of accounts and such other books as may be prescribed and shall prepare an annual statement of the accounts at such time and in such manner as may be prescribed. (2) The Board shall cause its accounts to be audited annually by such person as the State Government may direct. (3) As soon as the accounts of the Board have been audited, the Board shall send a copy thereof together with a copy of the report of the auditor thereon to the State Government. (4) The Board shall comply with such directions of the State Government as the State Government may after perusal of the report of the auditor think fit to give. (5) The annual audited statement of accounts together with the report of the auditor received by the State Government under sub-section (3) shall be laid before the State Legislature as soon as possible.