Annual examination of sinking funds

Infrastructure1956510 of 510 sections available

Chapter IX LOANS

Statutory text

(1) All sinking funds established under this Act shall be subject to annual examination by the auditor who shall satisfy himself that the provisions of section 118 are being complied with and that the cash and the current value of the securities belonging there to are actually equal to the amount which should be at the credit of such funds had investments been regularly made and had the rate of interest as originally estimated been obtained there from.
(2) The Corporation shall forthwith pay into any sinking fund any sum by which the auditor may certify the fund to be deficient, unless the Government by general or special order sanctions a gradual readjustment.
(3) If the cash and the value of the securities at the credit of any sinking fund are in excess of the amount which should be at its credit the auditor shall certify the amount of such excess sum and the Corporation may thereupon transfer the excess sum to the municipal fund.
(4) If any dispute arises as to the accuracy of any certificate given by the auditor accounts under sub-section
(2) or
(3) the Corporation may after making the payment or transfer, refer the matter to the Government whose decision shall be final.

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