Chapter XIV FINANCE, ACCOUNTS, AUDIT AND REPORT

(1) The Authority shall have its own fund called the Disaster Management Fund and all receipts of the Authority shall be carried thereto and all payments by the Authority shall be made therefrom. (2) The Authority 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 the purposes of this Act. (3) The moneys from the fund may be applied in payment of— (i) expenses incurred by the Authority in performing its functions under this Act, (ii) remuneration to members, (iii) salaries and allowances to officers and employees of the Authority, (iv) expenses for such other purposes of the Act as may be prescribed. (4) (a) All moneys belonging to the fund of the Authority shall be deposited in such bank as the State Government may, by general or special order direct. (b) Where the amount in the fund is not required to be applied immediately or at an early date for the purposes of this Act, it may be invested in any of the securities specified in clause (a), (b), (bb), (c) or (d) of section 20 of the Indian Trusts Act, 1882, (c) any interest earned on such deposits and investments shall be credited to the fund .

The Authority may, with the previous approval of the State Government, borrow money in the open market or otherwise for the purpose of carrying out its functions under this Act.

(1) (a) The Authority shall, by such date in each year as may be prescribed, 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.

(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.

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

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

(2) The Authority shall cause to be prepared for each financial year an annual statement of accounts in such form as may be prescribed.

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

(4) The said auditor shall be appointed by the Authority.

(5) Every auditor appointed to audit the accounts of the Authority 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 Authority and to require such information from the Authority as he may think necessary for performance of his duty as an auditor.

(6) The auditor shall send a copy of his report together with an audited copy of accounts to the Authority which shall, as soon as may be after the receipt of the audit report, forward the same to the State Government.

(7) The State Government shall, as soon as may be after the receipt of the audit report under sub-section (6), cause the same to be laid before the State Legislature.

(1) The Authority shall, once in every year, prepare in such form and at such time of the year as may be prescribed,-

(a) an annual report giving a full, true and fair account of its activities during the previous year, and

(b) programme of work likely to be undertaken by the authority in the next year, and a copy of such report shall be forwarded to the State Government.

(2) The State Government shall, as soon as may be after the receipt of the annual report under sub-section (1), cause the same to be laid before the State Legislature.