Chapter V FINANCE, ACCOUNTS, AUDIT AND DEBTS

The 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 and limitations as the Government may deem fit for the purposes of this Act.

(1) The Board shall have its own fund and all receipts of the Board shall be credited there to and all payments by the Board shall be met there from. (2) The Board may accept grants, subventions, donations and gifts and receive loans from the Government or a local authority or anybody or association, whether incorporated or not, or an individual for all or any of the purposes of this Act. (3) All monies belonging to the fund of the Board shall be deposited in such manner as the Government may, by a special or general order, direct. (4) The accounts of the Board shall be operated upon by such officers jointly or individually as may be authorized 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.

(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 Government may determine in each case. (2) The Board may, from time to time, with the previous sanction of the Government and subject to the provisions of this Act and such conditions as the Government may determine, borrow any sum required for the purposes of this Act: Provided that the previous sanction of the Government shall not be necessary to borrow any sum from the Khadi and Village Industries Commission.

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

(1) The Government may sanction the budget submitted to it with such modifications as they deem proper. (2) No sum shall be expended by or on behalf of the Board unless such expenditure is covered by a specific provision in the budget approved by the Government under sub-section (1): Provided that the Board may, within the limits of the budget, sanction any re-appropriation from one head of expenditure to another or from a provision made for one scheme to that in respect of another.

The Board may submit a supplementary budget for the sanction of the Government in such form and before such date as the Government may prescribe and the provisions of section 25 shall apply to such supplementary budget.

The Board shall prepare and forward to the 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 the Legislative Assembly as soon as may be after it is received by the Government.

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

(1) 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 approved by the Government. (2) The Board shall forward to the Government a copy of the audited annual statement of accounts referred to in sub-section (1) within two months from the end of the financial year to which such statement relates, and every such statement shall be laid before the Legislative Assembly as soon as may be after it is received by the Government.

If any amount due to the Board in accordance with the terms of a contract or otherwise or any sum payable in connection therewith, has not been paid, such amount or sum shall, without prejudice to any other remedy provided by law, be recoverable as arrears of land revenue under the Revenue Recovery Act for the time being in force.

The Board may write off any sum not exceeding one hundred rupees in each case, subject to an annual limit of two thousand rupees, if in its opinion such sum is irrecoverable.