Chapter VIII FINANCE, ACCOUNTS, AUDITS AND REPORTS

Grants and Loans.-The Government may, after due appropriation made by State Legislature by law in this behalf, make to the Authority, grants and loans of such sums of money as the Government may think fit for being utilised for the purpose of this Act.

1. (1) The Govenunent shall constitute a Fund to be called the "Real Estate Fund" and there shall be credited thereto,-
   • (a) all Govenunent grants received by the Authority;
   • (b) the fees received under this Act;
   • (c) the interest accrued on the amounts referred to in clauses (a) to (b).
2. (2) The Fund shall be applied for meeting,-
   • (a) the salaries and allowances payable to the Chairperson and other Members and the administrative expenses including the salaries and allowances payable to the officers and other employees of the Authority and the Appellate Tribunal;
   • (b) the other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act.
3. (3) The Fund shall be administered by a committee of such Members of the Authority as may be determined by the Chairperson.
4. (4) The Committee appointed under sub-section (3) shall spend money out of the Fund for carrying out the objects for which the Fund has been constituted.

All sums realised, by way of penalties, imposed by the Appellate Tribunal or the Authority, shall be credited to the Consolidated Fund of the State.

1. (1) The Authority shall prepare a budget, maintain proper accounts and other relevant records and prepare an annual statement of accounts in such fonn, as may be prescribed by the Government in consultation with the Comptroller and Auditor General of India.
2. (2) The accounts of the Authority shall be audited by the Comptroller and Auditor General at such intervals, as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Authority to the Comptroller and Auditor General.
3. (3) The Accounts of the Authority, as certified by the Comptroller and Auditor 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 Authority and the Government shall cause the audit report to be laid, as soon as may be after it is received, before the State Legislature.

1. (1) The Authority shall prepare once in every year, in such form and at such time, as may be prescribed by the Government,-
   • (a) a description of all the activities of the Authority for the previous year;
   • (b) the annual accounts for the previous year; and
   • (c) the programmes of work for the coming year.
2. (2) A copy of the report received under sub-section (1) shall be laid, as soon as may be after it is received, before the State Legislature.