Chapter III FINANCE, ACCOUNTS AND AUDIT OF THE AUTHORITY

1. (1) The Authority shall have its own Fund and all receipts of the Authority shall be credited thereto and all payments by the Authority shall be made therefrom. The administrative expenses of the Authority including the salaries, allowances, etc. of the officers and employees of the Authority shall be met from this Fund.
2. (2) The Fund of the Authority shall consist of,—
   • (a) any amount or grants given by the State Government for the purpose of the Act;
   • (b) an amount not less than fifty per cent of the amount collected per year, by the Revenue Authorities through sand mining in Pampa River under the provisions of the Kerala Protection of the River Banks and Regulation of Removal of Sand Act, 2001(18 of 2001), which is got transferred to the Authority;
   • (c) financial assistance to the Authority received from Centre-State Government or other State Governments or Institutions or well wishers;
   • (d) loans and financial assistance to the Authority for the purposes of this Act on such terms and conditions, as the Government may determine.

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

The Authority shall prepare in such form and at such time every year as may be prescribed, its Budget for the next financial year showing the estimated receipt and expenditure.

1. (1) The Authority shall prepare its annual report giving full details of its activities during the previous financial year and submit a copy to the Government, in such form as may be prescribed.
2. (2) The Government shall, as soon as may be, after the receipt of a report under sub-section (1) shall lay the same before the Legislative Assembly.

1. (1) The Accounts of the Authority shall be maintained and audited in such manner as may be prescribed.
2. (2) The Authority shall furnish to the Government before such date as may be prescribed, the audited copy of accounts together with the auditors’ report thereon.