Chapter V FINANCE, ACCOUNTS AND AUDIT.

(1) The Corporation shall have its own fund. (2) The Corporation 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. (3) All sums which may from time to time be paid to it by the State Government and all other receipts of the Corporation shall be carried to the fund of the Corporation and all payments by the Corporation shall be made therefrom. (4) The Corporation may spend such sums as it thinks fit for the performance of its functions under this Act, and such sums shall be treated as expenditure payable out of the fund of the Corporation. (5) All moneys belonging to the fund of the Corporation shall be deposited in such bank or invested in Government securities or in such other manner, as the State Government may, by general or special order, direct.

(1) The balance-sheet and accounts of the Corporation shall be pre pared and maintained in such form and manner as may be prescribed. (2) The board shall cause the books and accounts of the Corporation to be balanced and closed on the thirty-first day of March each year.

(1) The accounts of the Corporation shall be audited once in every financial year, by auditors duly qualified to act as auditors under sub-section (1) of section 226 of the Companies Act, 1956, who shall be appointed by the Board and shall receive such remuneration from the Corporation is the Board may fix. (2) The auditors shall be supplied with a copy of the annual balance- sheet