Chapter V FINANCE, ACCOUNTS AND AUDIT

No content provided in source for this section. All property, fund and other assets vesting in the Board shall be held and applied by it, subject to provisions and for the purposes of this Act.

No content provided in source for this section. The Board shall have and maintain its own fund, to which shall be credited,- (a) all moneys received by the Board from the State Government by way of grants, loans, advances or otherwise; (b) all fees, costs, deposits and charges received by the Board under this Act; (c) all moneys received by the Board from the disposal of lands, buildings and other properties movable and immovable, and from other transactions; (d) all moneys received by the Board by way of rents or in any other manner or from any other source.

No content provided in source for this section. The Board may, subject to such conditions as may be prescribed, borrow money in the open market or otherwise with a view to providing itself with adequate resources.

No content provided in source for this section. The Board may accept deposits on such conditions as it deems fit from persons, institutions or authorities, to whom allotment or lease or sale of lands, buildings or sheds is made or is likely to be made in furtherance of the objects of this Act.

No content provided in source for this section. (1) The Board shall, by the last day of January each year prepare and submit to the State Government for approval an annual financial statement and programme of work for the succeeding financial year. (2) The annual financial statement shall show the estimated receipts and expenditure during the succeeding financial year in such form and detail as may be prescribed. (3) If the approval of the State Government to the annual financial statement and the programme of work has not been received before the last day of March, the Board may proceed as if the annual financial statement and the programme of work have been approved. (4) The Board shall be competent to make variations in the programme of work and re-appropriations in the budget in the course of the year provided that all such variations and re-appropriations out of the approved budget are submitted for approval to the State Government. (5) The State Government may by an order extend the last date prescribed in sub-section (1) for the submission of the annual financial statement and the programme of work.

No content provided in source for this section. (1) The Board shall have the authority to spend such sums as it thinks fit for the purposes authorised under this Act from out of the Board’s fund. (2) Without prejudice to the generality of the power conferred by sub-section (1), the Board may contribute such sums as it thinks fit towards expenditure incurred or to be incurred by any local authority or statutory pubic undertaking in the performance, in relation to any of its industrial estates or industrial areas, of any of the statutory functions of such authority or undertaking, including expenditure incurred in the acquisition of land.

No content provided in source for this section. (1) The Board shall maintain books of account and other books in relation to its business and transactions in such form, and in such manner, as may be prescribed. (2) The accounts of the Board shall be audited by an Auditor appointed by the State Government. (3) As soon as the accounts of the Board are audited, the Board shall send to the State Government,- (a) a copy of the audited accounts, and (b) an annual report of the working of the Board for the financial year concerned giving an account of the activities of the Board and such other particulars as may be prescribed, and (c) a report of the Auditor on the audited accounts of the Board. (4) The State Government shall cause the audited accounts of the Board together with the audit report thereon, and the annual report forwarded to it under sub-section (3) to be laid before each House of the State Legislature as soon as may be after their receipt by the State Government.