Chapter VIII FINANCE, ACCOUNT AND AUDIT

1. (1) Every Regional Board, 1[Special Planning Authority (other than a Special Planning Authority appointed under clause (b) of sub-section (1) of section 40)] or Development Authority 2[constituted under sub-section (2) of section 113] shall have and maintain its own fund to which shall be credited-
   • (a) all moneys received by such Board or Authority from the State Government by way of grants, loans, advance or otherwise,
   • (b) all fees or charges received by such Board or Authority under this Act or rules or regulations thereunder ;
   • (c) all moneys received from any other source.
2. (2) The fund shall be applied towards meeting-
   • (a) the expenditure incurred in the administration of this Act;
   • (b) the cost of acquisition of land in the area of the Authority concerned incurred for purposes of development ;
   • (c) the expenditure for any development of land in the area of the Authority concerned undertaken by such Authority; and
   • (d) the expenditure for such other purposes as the State Government may direct.
3. (3) Every Regional Board, 3[Special Planning Authority (other than a Special Planning Authority appointed under clause (b) of sub-section (1) of section 40)] or Development Authority 4[constituted under sub-section (1) of section 113] may keep in current account in the Reserve Bank of India or the State Bank of India or any other Bank approved by the State Government in this behalf, such sum of money out of its funds as may be prescribed by the rules and any money in excess of the said sum shall be invested in such manner as may be approved by the State Government.

Every Regional Board, 1[Special Planning Authority (other than a Special Planning Authority appointed under clause (b) of sub-section (1) of section 40)] or Development Authority 2[constituted under sub-section (2) of section 113] shall prepare in such form and at such time every year as may be prescribed by rules, a budget in respect of the financial year next ensuing, showing the estimated receipts and expenditure of such Board or Authority and shall forward to the State Government such number of copies thereof as may be prescribed by rules.

1[132.Accounts and Audit of Regional Board.- (1) Every Regional Board shall maintain proper accounts and other relevant records and prepare annual statement of accounts including the balance sheet in such form as the State Government may by rules prescribe.

1. (2) The accounts of every Regional Board shall be subject to audit annually by the Chief Auditor, Local Fund Accounts of the State ; and any expenditure incurred by him in connection with such audit shall be payable by that Board to the Chief Auditor.
2. (3) The Chief Auditor or any person appointed by him in connection with the audit of accounts of the Board shall have the same right, privilege and authority in connection with such audit as the Chief Auditor has in connection with the accounts of local authorities; and in particular, shall have the right to demand the production of books of accounts, connected vouchers and other documents and paper and to inspect the office of the Board.
3. (4) The accounts of every Regional Board as certified by the Chief Auditor or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the State Government.

1. (1) Every Special Planing Authority 1[other than a Special Planning Authority appointed under clause (b) of sub-section (1) of section 40)] and Development Authority constituted under sub-section (2) of section 113 (hereinafter in this section collectively referred to as "the said Authorities") shall maintain books of accounts and other books in relation to its functioning under this Act in such form and in such manner as the State Government may by rules prescribe.
2. (2) The accounts of the said Authorities shall be audited by an auditor appointed by the State Government in consultation with the Comptroller and Auditor General of India.
3. (3) As soon as the accounts of the said Authorities are audited, the said Authorities shall send a copy thereof together with the copy of the report of the auditor thereon to the State Government.
4. (4) The State Government shall cause accounts of the said Authorities together with the audit report thereon forwarded to it under sub-section (3) to be laid annually before each House of the State Legislature.]

1. (1) Every Regional Board, 1[Special Planning Authority] or Development Authority shall prepare for every year a report of its activities during that year and submit the report to the State Government in such form on or before such date as may be prescribed by rules.
2. (2) The State Government shall prepare for every year a report of the activities including the accounts of every Regional Planning Board, 2[Special Planning Authority] or Development Authority during that year. The State Government shall cause a copy of the report to be laid before the State Legislature.

1. (1) Every Regional Board, 1[Special Planning Authority] or Development Authority may constitute for the benefit of its whole time paid members and of its officers and other employees, in such manner and subject to such conditions as may be prescribed by rules, such pension or provident fund or both as it may deem fit.
2. (2) Where any such pension or provident fund has been constituted, the State Government may declare that the provisions of the Provident Funds Act, 1925 (19 of 1925) shall apply to such fund as if it were a Government Provident Fund.