Chapter IV CHAPTER IV

(1) There shall be a Fund called the Board Fund.

(2) The following shall form part of, or be paid into, the Board Fund, namely:-

(i) all grants, subventions, donations and gifts made by the Central Government, State Government, any local authority, any body, whether incorporated or not or any person;

(ii) the amount borrowed by the Board; and

(iii) all other sums received by or on behalf of the Board from any source whatsoever.

(3) Except as otherwise directed by the State Government, all moneys credited to the Fund shall be invested in any Scheduled Bank.

The Board Fund and all property held or vested in the Board shall be applied for administration of this Act.

The State Government shall, keeping in view the plan of the Board, make financial allocations to the Board in the annual plan of the State.

Notwithstanding anything contained in this Act or in any other law for the time being in force, if in the opinion of the State Government it is expedient in public interest so to do, it may, by general or special order issue such directions to the Board as are necessary to carry-out the purposes of the Act. It shall be the duty of the Board to comply with such directions.

The State Government shall every year make a grant to the Board of a sum equivalent to the administrative expenses of the Board.

The Board may from time to time with the previous sanction of the State Government and subject to such conditions as may be prescribed in this behalf borrow any sum required for the purposes of this Act.

(1) Accounts of the income and expenditure of the Board Fund shall be kept in accordance with such rules as may be prescribed.

(2) The Board shall prepare an annual statement of accounts in such form as may be prescribed.

(3) The accounts of the Board shall be audited annually by such auditor as the State Government may appoint.

(4) The auditor shall for the purposes of the audit, have access to all the accounts and other records of the Board.

(5) The Board shall pay from its fund such charges for the audit as may be prescribed.

(6) As soon as may be after the receipt of the report of the auditor the Board shall send a copy of the annual statement of accounts, together with a copy of the report of the auditor to the State Government and shall cause to be published the annual statement of accounts in such manner as may be prescribed.

(7) The State Government may after perusal of the report of the auditor give such directions as it thinks fit to the Board and the Board shall comply with such directions.