Chapter III JHARKHAND STATE ROAD DEVELOPMENT FUND

(i) With effect from such date as the State Government may, by notification in the Official Gazette, appoint in this behalf, there shall be established for the purposes of this Act, a Fund to be called as the "Jharkhand State Road Development Fund". (ii) The fund shall be under the control of the State Government and there shall be credited thereto - (a) any sums of money paid under section 4, section 5 & section 6; (b) any other amounts allocated to the Fund by any other agency of the State or Central Government; (c) the sums, if any, realised by the state government in carrying out its functions or in the administration of this Act; (iii) The balance to the credit of the Fund shall not lapse at the end of the financial year. (iv) All sums of money specified in Section 7(ii)(a) (b) & (c) and forming part of the Jharkhand State Road Development Fund shall be deposited in any Nationalised or Scheduled Bank or in such other Financial Institutions as may be decided by the Governing Body and the said amount shall be operated in such manner as prescribed.

The Fund shall be utilised for the - (i) development of State roads; (ii) disbursement in respect of such projects of State road development, as may be prescribed; (iii) The Governing Body may invest any sum not required for immediate use in such manners as prescribed.

(i) The concerned government departments / agencies shall cause to maintain such book of accounts and other relevant records and prepare an annual statement of accounts, including the profit and loss account and the balance sheet in respect of allocations of their shares out of the fund. (ii) The accounts of the Fund shall be audited by the Comptroller and Auditor General of India and Accountant General Jharkhand at such intervals as may be specified by him.