Chapter XII FINANCE, ACCOUNTS AND ANNUAL REPORTS OF THE REGIONAL DEVELOPMENT AUTHORITY

The Regional development authority shall have and maintain its own fund. All the sums paid to and collected by the Regional development authority shall be carried to the fund of the Regional development authority and all payments shall be made there from.

(1) The accounts of the Regional development authority shall be prepared and maintained in such form and in such manner, as may be prescribed. (2) The accounts of the Regional development authority shall be audited by an auditor duly qualified to act as an auditor of the companies under the Existing provisions of the Companies Act, 2013 (Central Act 18 of 2013).

(1) The Regional development authority shall, during each financial year, prepare 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, in consultation with the Apex Authority and submit it to the State Government. (2) The State Government shall cause every such report along with the audited annual accounts for the year to be laid before the State Legislature, as soon as may be after the receipt of the report under sub-section (1).