Chapter V FINANCE, ACCOUNTS, AUDIT AND ANNUAL REPORT

1. (1) The Board shall have its own fund and all receipts and sums which may, from time to time, be received by the Board from the State Government or any other person or agency and the amount charged by the Board under section 21, shall be credited thereto and all payments of the Board shall be made therefrom.
2. (2) The Board shall have the power, subject to the provisions of this Act, to spend such sums as it thinks fit to cover administrative expenses and for the performance of its functions and such sums shall be treated as expenditure payable out of the fund of the Board.
3. (3) All money standing at the credit of the Board which cannot immediately be applied as provided in sub-section (2), shall be deposited in the Scheduled Bank or Banks or in the Public Account of the State Government or may be deployed in such other manner and subject to such conditions as are contained in regulations framed by the Board for this purpose.

The Government may, after due appropriation made by Legislature by law in this behalf,-

1. (a) provide any capital, over and above the capital arising out of the winding up of the Government Owned Companies, that may be required by the Board for the discharge of its functions under this Act or for any purpose connected therewith on such terms and conditions as the Government may determine; and
2. (b) pay to the Board, on such terms and conditions as the Government may determine, by way of loans or grants such sums of money as the Government may consider necessary for the efficient discharge by the Board of its functions under this Act.

1. (1) The Board may, with the consent of the Government or in accordance with the terms of any general or special authority given to it by the Government, borrow money from any source by the issue of bonds, debentures, loans or such other instruments as it may deem fit for discharging all or any of its functions under this Act.
2. (2) The Government may guarantee in such manner as it thinks fit for the repayment of the principal and the payment of interest thereon with respect to the loans borrowed by the Board under sub-section (1).
3. (3) Subject to such limits as the Government may, from time to time, lay down, the Board may borrow temporarily by way of overdraft or otherwise such amounts as it may require for discharging its functions under this Act.

1. (1) The accounts of the Board shall be prepared and maintained in such form and in such manner as may be provided by regulations.
2. (2) The Board shall cause to be prepared for each Financial year an annual statement of accounts in such form as may be provided by regulations.
3. (3) The accounts of the Board shall be audited by an auditor duly qualified to act as an auditor of Companies under section 226 of the Companies Act, 1956 (1 of 1956).
4. (4) The auditor shall send copy of the report together with audited copy of accounts to the Board which shall, as soon as may be, after the receipt of the audit report forward the same to the State Government.
5. (5) The State government shall cause the audit report together with audited copy of accounts to be laid before the State Legislature, as soon as may be, after the receipt of the same under sub section (4).

1. (1) The Board shall during each Financial year prepare in such form and at such time as may be provided by regulations, 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 and copies of such report shall be forwarded to the State Government.
2. (2) The State Government shall cause every such report to be laid before the State Legislature, as soon as may be, after the receipt of the report under sub-section (1).