Chapter VII FINANCE ACCOUNTS AND AUDIT

The State Government shall pay to the State Sports Council, by way of grants such sum of money, as it may think fit, for carrying out the purposes of this Act. The State Government may place funds at the disposal of State Sports Council or a District Sports Council for organizing coaching, training, competitions, sports events, equipment and seminars either on lump sum basis or activity specific out of the budget allocation.

(1) The State Sports Council shall establish a fund to be called the State Sports Council Fund and the following shall be credited thereto,- (a) all sums of money given by the State Government under section 33; (b) any grants or donations made to the State Sports Council by any other person; (c) any amount received by the State Sports Council from any other source.

(2) The State Sports Council Fund shall be applied for meeting,- (a) the expenses in connection with the functioning of the State Sports Council; and (b) any other expenses which are required to be met by the State Sports Council.

(1) Every District Sports Council shall constitute a fund to be called the District Sports Council Fund and shall be credited thereto,- (a) all sums of money paid or any grants made by the State Sports Council to the District Sports Council; (b) any grants or donations made to the District Sports Council by any person or local self-government institutions or other organizations; (c) any other amount received by the District Sports Council from any other source.

(2) A District Sports Council Fund shall be applied for meeting,- (a) the expenses in connection with the functioning of the District Sports Council; (b) the expenses in connection with the functioning of the Corporation Sports Council, Municipal Sports Council, Town Sports Council and Block Sports Council; (c) any other expenses which are required to be borne by the District Sports Council.

(1) Each Corporation Sports Council, Municipal Sports Council, Town Sports Council and Block Sports Council, as the case may be, shall constitute a fund in its name and shall be credited to such fund the amount received for any special purpose in addition to the amount received from the District Sports Council.

(2) The fund constituted under sub-section (1) shall be kept, applied and audited in such manner, as may be prescribed.

(1) Every Corporation Sports Council, Municipal Sports Council, Town Sports Council and Block Sports Council shall, in every year, prepare in such form and within such time, as may be prescribed, a budget for the next financial year showing the estimated receipt and expenditure during that financial year and forward copy of the same to the concerned District Sports Council.

(2) After considering the budget estimates under sub-section (1), the District Sports Council shall prepare in such form and within such time, as may be prescribed, a budget for the next financial year showing the estimated receipts and expenditure during the financial year and forward a copy of the same to the State Sports Council.

(3) The State Sports Council shall prepare its budget estimate, considering the budget estimates forwarded to it by the District Sports Councils and forward the same to the State Government, within such time, as may be prescribed.

(4) On receipt of the budget forwarded to it under sub-section (3), the State Government shall examine the same and suggest such alterations, corrections or modifications to be made therein, as it may think fit and forward such suggestions to the State Sports Council for its consideration.

(5) The State Sports Council shall, in accordance with the suggestions, if any, given by the State Government under sub-section (4), before the 31st March of every year incorporate in its budget and in the budget of the District Sports Councils alteration, corrections or modifications, and the budget so altered, corrected or modified, shall be passed by the State Sports Council.

(1) The State Sports Council or the District Sports Council, as the case may be, shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the income and expenditure and balance sheet, in such form and in such manner, as may be prescribed.

(2) The accounts of the Council shall be examined and audited by the Director, Local Fund Accounts in accordance with the relevant provisions.

(3) The audited statement of accounts and working report of the State Sports Council shall be forwarded to the State Government before the 31st July of ensuing year and as soon as possible, it shall be laid before the Legislative Assembly by the State Government.

The State Sports Council may, with the previous sanction of the State Government, as regards the purpose and amount of loan and subject to such conditions, as may be specified by the State Government, as to security and rate of interest, borrow any sum of money from any Scheduled Bank or Co-operative Bank or any other corporate body.