Chapter V FINANCE, ACCOUNTS AND AUDIT

1. (1) The authority shall have and maintain its own fund to which shall be credited—
   • (a) all moneys received by the Authority from the State Government and the Central Government by way of grants, loans, advances or otherwise;
   • (b) all moneys borrowed by the Authority, from sources other than the Government, by way of loans or debentures;
   • (c) all fees received by the Authority under this Act;
   • (d) all moneys received by the Authority for the disposal of lands, buildings and other properties, movable and immovable; and
   • (e) all moneys received by the Authority by way of rents and profits or in any other manner or from any other source.
2. (2) The expenditure incurred in the administration of this Act shall be defrayed out of the fund of the Authority and shall include—
   • (a) expenditure incurred in the administration of this Act;
   • (b) cost of acquisition of land for purposes of this Act;
   • (c) expenditure for development of land; and
   • (d) expenditure for such other purposes as the State Government may direct or permit.
3. (3) The Authority shall keep its funds in any Scheduled Bank.
4. (4) The Authority may invest any portion of its fund in such securities or in such other manner as may be prescribed.
5. (5) The income resulting from investments made in sub-section
6. (4) and proceeds of the sale of the same shall be credited to the fund of the Authority.

The State Government may make such grants, advances and loans to the Authority, as the State Government may deem necessary, for the performance of the functions under this Act and all grants, loans and advances so made shall be on such terms and conditions, as the State Government may determine.

1. (1) The Authority may, from time to time, borrow money by way of loans or debentures from such sources, other than the State Government, and on such terms and conditions, as may be prescribed.
2. (2) The Authority may advance money for residential, industrial or commercial purposes on such terms and conditions as may be prescribed.

All payments due from the Authority on account of interest on loans, or the repayment of loans shall be made in priority to all other dues from the Authority.

The Authority shall prepare in such form, and at such time in every year, as may be prescribed, a budget, in respect of the financial year next ensuing, showing the estimated receipts and expenditure of the Authority and shall forward to the State Government such number of copies thereof, as may be prescribed.

1. (1) The Authority shall make proper accounts and other relevant records and prepare an annual statement of accounts including the balance sheet in such form, as may be prescribed.
2. (2) The accounts of the Authority shall be subject to audit annually by the Accountant General of the State Government and any expenditure incurred by him in connection with such audit shall be payable by the Authority to the Accountant General.
3. (3) The Accountant General or any person appointed by him in connection with the audit of accounts of the Authority shall have the same right, privilege and authority in connection with such audit as the Accountant General has in connection with the audit of the Government Accounts, and in particular shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers.
4. (4) The Accounts of the Authority as certified by the Accountant General or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the State Government.

The Authority shall prepare, for every year, a report on its activities during that year and submit the report to the State Government in such form, and on or before such date, as may be prescribed.

The Authority shall constitute, for the benefit of its whole time paid members and of its office and other employees in such manner and subject to such conditions, as may be prescribed, such provident fund as it may deem fit.