Chapter 4 FINANCE

(1) The Board shall maintain a fund called 'Board Fund' to which shall be credited grants and loans received from the Government public enterprises and other public enterprises and from any other source, application fee, all fee and money received from the public enterprises and other public enterprises towards services rendered by the Board, deposits, remittances, funds and other miscellaneous receipts received in connection with the affairs of Board: Provided that separate accounts shall be maintained for specific purposes. (2) All money in the Board received from Government shall be kept in the Treasury accounts as per the standing instructions. However, own funds may be kept in banks or invested in such manner as the Board may decide with the approval of the Government. (3) The custody of the Board fund, the payment of money therein, the withdrawal of money therefrom and all other ancillary matters shall be regulated by the orders issued by the Board with the approval of the Government. (4) The Board fund shall be used towards meeting the expenses of the Board including expenses incurred in the exercise of its powers and discharge of its functions under this Act.

The Board shall prepare in each financial year a budget containing anticipated income and expenditure for the next financial year and shall submit to the Government within two months from the commencement of each financial year, such number of copies of the budget so prepared, as may be required by the Government.

(1) The Board shall maintain proper accounts and other relevant records and prepare annual statement of accounts in such form, as may be prescribed, in consultation with the Accountant General. (2) The accounts of the Board shall be audited annually by the Accountant General and expenditure incurred in respect of such concurrent audit, internal audit and statutory audit, shall be payable by the Board. (3) The Accountant General and any person appointed by him in connection with the audit of accounts of the Board under this Act shall have the same rights and privileges as the Accountant General generally has in connection with the audit of Government accounts and, shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any office of the Board. The accounts duly approved by the Board shall be referred to the Accountant General for audit within three months after completion of each financial year. (4) The accounts of the Board, as certified by the Accountant General or any other person appointed by him in this behalf, together with the audit report thereon shall be forwarded annually to the Government by the Board and the Government shall cause the report to be laid before the Legislative Assembly within a period of six months from the date of completion of each financial year.

The Board shall, for each financial year, prepare annual report containing complete information of its activities in the previous financial year in such form and time, as may be prescribed, and shall also forward a copy of it directly to the Government within three months after completion of each financial year and the Government shall cause the report to be laid before the Legislative Assembly within a period of six months from the date of completion of each financial year.