Chapter V FINANCE, ACCOUNTS, AUDIT AND DEBTS.

The State Government may transfer to the Board, buildings, land or any other property whether movable or immovable, for use and management by the Board on such conditions as the State Government may deem fit, for the purposes of this Act.

All debts and expenditure incurred, all contracts entered into and all matters and things engaged to be done by, with or for the State Government, in connection with or for the purposes of this Act before and up to the date of the establishment of the Board shall be deemed to have been respectively incurred, entered into or engaged to be done by, with or for the Board, and all suits, and other legal proceedings instituted by or against the State Government in respect thereof shall be deemed to be instituted and continued as such by or against the Board, as the case may be.

(1) The Government may, from time to time, make subventions and grants to the Board for the purposes of this Act on such terms and conditions as the State Government may determine in each case. (2) The Board may, from time to time, with the previous sanction of the State Government and subject to the provisions of this Act and such conditions as the State Government may determine, borrow any sum required for the purposes of this Act.

(1) The Board shall have its own fund and all receipts of the Board shall be credited thereto and all payments by the Board shall be met therefrom. (2) The Board may accept grants, subventions, donations and gifts from State and Central Governments or the Khadi and Village Industries Commission or a local authority or any body or association, whether incorporated or not, or an individual for all or any of the purpose of this Act. (3) The Board may receive loans from State and Central Governments or the Khadi and Village Industries Commission or a local authority or a co-operative bank registered under any law governing co-operative societies in the State or a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 or the State Bank of India constituted under the State Bank of India Act, 1955 or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks), Act, 1959, or a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. (4) All money belonging to the fund of the Board shall be deposited in such manner as the State Government may, by special or general order, direct. (5) The accounts of the Board shall be operated upon by such officers jointly or individually as may be authorised by the Board.

All property, fund and other assets of the Board shall be held and applied by it subject to the provisions and for the purposes of this Act.

22A. Recovery of moneys due to the Board as arrears of land revenue (1) Where any sum of Rs. 1,00,000 and above is payable to the Board under any agreement, express or implied or otherwise, however, by any person, is not paid on or before the due date and remaining in arrears after fifteen days from the date of service of a notice of demand on such person by the Chief Executive Officer or any other officer

The Board shall, on such date as may be fixed by the State Government, prepare and submit to the State Government the budget for the next financial year showing estimated receipts and expenditure on capital and revenue accounts according to the programme.

The State Government may sanction the budget submitted to it with such modifications as it deems proper.

The Board may submit a supplementary budget for the sanction of the State Government in such form and before such date as the State Government may prescribe and the provisions of section 23 shall apply to such supplementary budget.

The Board shall prepare and forward to the State Government in such manner as may be prescribed, an annual report within three months from the end of the financial year giving a complete account of its activities during the previous financial year. Every such report shall be laid before each House of the State Legislature as soon as may be after it is received by the State Government.

The Board shall, before such date and at such intervals and in such manner as the State Government may from time to time direct, submit to the State Government a report on such matters and such statistics and such returns as the State Government may direct.

The accounts of the Board shall be maintained and an annual statement of accounts shall be prepared in such manner as may be prescribed. Such accounts shall be audited by an Auditor appointed by the State Government.