Preamble

54. (1) The Board shall have its own fund.

1. (2) The Board may accept grants, subventions, donations and gifts from the Central or State Government or a local authority or any individual or body, whether incorporated or not, for all or any of the purposes of this Act.
2. (3) All moneys received by or on behalf of the Board by virtue of this Act, all proceeds of land or any other kind of property sold by the Board, all rents, betterment charges and all interest, profits and other moneys accruing to the Board shall constitute the fund of the Board.
3. (4) Except as otherwise directed by the State Government, all moneys and receipts

specified in the foregoing provisions and forming part of the fund of the Board shall be deposited in the Reserve Bank of India or in any scheduled bank or invested in such securities as may be approved by the State Government.

1. (5) Such account shall be operated upon by such officers as may be authorised by the Board. Explanation.—For purposes of this section, the Reserve Bank of India shall

mean the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934, and a scheduled bank shall mean a bank included in the second Schedule to the said Act.

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

56. (1) Notwithstanding anything contained in section 54 the Board may create a fund to be called the Revolving Fund into which shall be credited all proceeds which may be received by or on behalf of the Board in respect of sales on instalment basis, of any building or any units therein, constructed or reconstructed by the Board under a housing scheme.

1. (2) The Revolving Fund shall be held and applied solely for the purpose of construction or reconstruction of buildings under a housing scheme.

57. (1) Where in the opinion of the Board, circumstances of extreme urgency have arisen, it shall be lawful for the Board to make in any year,—

1. (a) recurring expenditure not exceeding fifty thousand rupees,
2. (b) non-recurring expenditure not exceeding two lacs of rupees, notwithstanding the fact that such expenditure has not been included in its annual programme or supplementary programme sanctioned by the State Government or the variation of the programme made under section 32.

1. (2) Where any sum is expended under circumstances of extreme urgency as provided in

sub-section (1), a report thereof indicating the source from which it is proposed to meet the expenditure shall be made by the Board as soon as practicable to the State Board's fund. II of 1934. Application of the fund. Revolving Fund. Expenditure in case of urgency.

Government.

58. (1) The State Government may from time to time make subventions to the Board for the purposes of this Act on such terms and conditions as the State Government may determine.

1. (2) The State Government may from time to time advance loans to the Board on such terms and conditions not inconsistent with the provisions of this Act as the State Government may determine. 59. (1) The Board may from lime to time, with the previous sanction of the State Government

and subject to the provisions of this Act and to such conditions as may be prescribed in this behalf borrow any sum required for the purposes of this Act.

1. (2) Rules made by the State Government for the purposes of this section may empower the Board to borrow by the issue of debentures and to make arrangements with bankers.
2. (3) All debentures issued by the Board shall be in such form as the Board with the sanction of the State Government may from time to time determine.
3. (4) Every debenture shall be signed by the Chairman and one other member of the Board.
4. (5) Loans borrowed and debentures issued under this section may be guaranteed by the State Government as to the re-payment of principal and the payment of interest at such rate as may be fixed by the State Government. 60. (1) The Board shall cause to be maintained proper books of accounts and such other,

books as the rules may require and shall prepare in accordance with the rules an annual statement of accounts.

1. (2) The Board shall cause its accounts to be audited annually by such person as the State Government may direct.
2. (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, and shall cause the accounts to be published and place copies thereof on sale at a reasonable price.
3. (4) The Board shall comply with such directions as the State Government may, after perusal of the report of the auditor, think fit to issue.
4. (5) The annual audited Statement of accounts together with Report of the Auditor received by the State Government under sub-section (3) shall be laid before the State Legislature as soon as may be after they are published. 61. (1) Notwithstanding anything contained in section 60, the State Government may order that there shall be a concurrent audit of the accounts of the Board by such person as it thinks fit. The State Government may also direct a special audit to be made by such person as it thinks fit of the accounts of the Board relating to any particular transaction or a class of series of transactions or to a particular period.
5. (2) When an order is made under sub-section (1) the Board shall present or cause to be presented for audit such accounts and shall furnish to the person appointed under sub- section (1) such information as the said person may require for the purpose of audit. Subventions and loans to the Board. Power Board to a borrot. Accounts and audit. Concurrent and special audit of accounts.