Chapter VI BUDGET, FINANCE, ACCOUNTS AND AUDIT, ETC.

1. (1) The Chief Executive Officer of the Authority shall, at a special meeting to be held in the month of February in each year, lay before the Authority, the budget estimates of the Authority for the next year.
2. (2) Every such budget estimates shall be prepared in such form as the State Government may, from to time, by order, determine and shall provide for,-
   • (i) the proposals, plans and projects, which the Authority proposes to execute either in part or in the whole during the next year;
   • (ii) the due fulfilment of all the liabilities of the Authority; and
   • (iii) the implementation of the provisions of this Act; and such estimates shall contain a Statement showing the estimated income and expenditure on capital and revenue accounts for the next year and such other particulars indicating the financial performance of the Authority as the State Government may direct. The budget shall clearly reveal the financial outlay and performance.

The Authority shall consider the budget estimates submitted to it under section 31 and approve the same with or without modification on or before such date as the State Government may, from time to time, determine.

1. (1) Every budget estimates approved by the Authority under the last preceding section shall be submitted to the State Government for information.
2. (2) After the receipt of the approved budget estimates, the State Government may, as far as practicable, before the beginning of the next year, suggested to the Authority, such modification therein as the State Government may deem fit, and the Authority shall carry out such modifications in the budget estimates in such manner as the Authority may think fit.

The Chief Executive Officer may, at any time during the year for which a budget has been approved by the Authority, lay before the Authority a supplementary budget estimate and the provisions of section 31, 32 and 33 shall, so far as may be, apply to such supplementary budget estimates.

All property, fund and other assets vesting in the Authority shall be held and applied by it, subject to the provisions, and for the purposes, of this Act.

1. (1) The Authority shall have and maintain its own Fund to be called "the Truck Terminal Fund" to which shall be credited,-
   • (a) all monies received by the Authority by way of grants, subventions, loan advances or otherwise;
   • (b) all monies received from any statutory authority for carrying out the purposes of this Act;
   • (c) all fees, costs, fines and charges received by the Authority under this Act;
   • (d) all monies received by the Authority from the disposal of lands, buildings and other properties movable and immovable and other transactions.
   • (e) all monies received by the Authority by way of rent and profits or in any other manner or from any other source.
2. (2) The amount to the Credit of the Truck Terminal Fund shall be kept or invested in the State Bank of India or in any corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or in the first Schedule to the Banking companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or in such co-operative bank as the State Government may, approved for the purpose.
3. (3) The accounts of the Truck Terminal Fund shall be operated by such officers of the Authority and in such manner as the Authority may, authorised by regulations made in this regard.

The Authority may, with the previous approval of the State Government borrow money for the purpose of providing itself with adequate resources.

The Authority may accept deposits on such conditions as it may deem fit from persons, authorities or institutions, to whom allotment or sale of land, buildings or premises is made or is likely to be made in furtherance of the objects of this Act.

1. (1) The Authority shall cause to be maintained proper books of accounts and such other books as the rules may require, and shall prepare in accordance with the rules an annual statement of accounts.
2. (2) The Authority shall cause its accounts to be audited annually by such person and by such date in the next succeeding year as the State Government may direct. The person so directed shall have the right to demand the production of books of accounts, and connected vouchers, documents and papers, and to inspect any of the offices of the Authority.
3. (3) As soon as the accounts of the Authority have been audited, the Authority shall send a copy thereof with a copy of the report of the auditor thereon to the State Government; and the Authority shall comply with such directions as the State Government may, after perusal of the report of the auditor, think fit to issue.
4. (4) The accounts together with the report of the auditor thereon shall be laid by the State Government before each House of the State Legislature as far as possible, before the expiry of the year next succeeding the year to which they relate.

1. (1) Notwithstanding anything contained in section 39, there shall be a concurrent audit of the accounts of the Authority by such person as it thinks fit. The State Government may also direct a special audit to be made by such person as it thinks fit of the accounts of the Authority relating to any particular transaction or a class or series of transactions or to a particular period.
2. (2) Where an order is made under sub-section (1), the Authority shall present or cause to be presented for audit such accounts and shall furnish to the person appointed under sub-section (1) such information as the said person may require for the purpose of audit; and shall remedy or cause to be remedied the defects pointed out by such person, unless they are condoned by the State Government.