Chapter XIII FINANCE, ACCOUNTS AND ANNUAL REPORTS OF REGIONAL

The Regional Development Authority shall have and maintain its own fund. All sums paid to and collected by the Regional Development Authority shall be carried to the fund of the said Authority and all payments shall be made therefrom.

(1) The accounts of the Regional Development Authority shall be prepared and maintained in such form and in such manner as may be prescribed by rules.

(2) The accounts of the Regional Development Authority shall be audited by an auditor duly qualified to act as an auditor of the Companies under section 226 of the Companies Act, 1956.

(1) The Regional Development Authority shall during each financial year, prepare an annual report giving a true and full account of its activities during the previous financial year and an account of the activities likely to be undertaken by it in current financial year in consultation with the Apex Authority and submit it to the State Government.

(2) The State Government shall cause every such report along with the audited annual accounts for the year to be laid before the State Legislature as soon as may be after the receipt of the report under sub-section (1).