Chapter III FUNDS

(1) The Authority shall have and maintain a separate fund to which shall be credited,- (a) all moneys received by the Authority by way of loan, grant, advance or otherwise from the State Government ; (b) grants and loans received from the Central Government ; (c) loans raised by the Authority from financial agencies ; (d) the receipts by way of fees, rents and charges including fines levied ; (e) such other sums and funds received from any other source.

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

(1) The Authority shall maintain a true and proper account and other relevant records and, prepare an annual statement of accounts including the balance sheet in such form as may be prescribed. (2) The accounts of the Authority shall be subject to audit annually by the Controller of State Accounts and as certified by the Controller of State Accounts together with audit report thereof, shall be forwarded annually to the State Government.

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