Chapter III FINANCIAL MATTERS

Invest Meghalaya Authority Fund. - 15 (1) There shall be constituted a Fund to be called the Invest Meghalaya Fund and shall be credited thereto-

(a) all grants, fees and charges received by the Authority under this Act; and

(b) all sums received by the Authority from such other sources, as may be decided by the Government.

(2) The Fund shall be used for-

(a) the remuneration and other allowances payable to the Chief Executive Officer and the members, and the administrative expenses including the salaries or remuneration of employees, Unified Investment Portal maintenance, hiring of consultancy firms or Consultants, third party vendors, allowances, pension, and day-to-day operations payable to or in respect of officers and other employees of the Authority; and

(b) the expenses incurred for meeting out the objectives and purposes authorized by this Act.

Annual grants, loans, and advances. - The Government may make to the Authority grants, loans, or advances of such sums of money annually, on such terms and conditions, as it may deem fit.

Budget. - 17 (1) The Chief Executive Officer shall submit a budget in respect of the

financial year next ensuing, showing the estimated receipts and

expenditures of the Authority in such form, as may be prescribed;

(2) The Authority shall, subject to such modifications and revisions, as it may decide, approve the budget submitted under sub-section (1);

(3) The budget, as modified or revised by the Authority, shall be forwarded to the Government along with such number of authenticated copies, as may be required by the Government;

(4) The Chief Executive Officer shall cause the budget, as modified, or revised by the Invest Meghalaya Authority, to be placed on the website of the Authority.

Accounts and audit. - 18 (1) The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance sheet, in such form, as may be prescribed;

(2) The accounts of the Authority shall be subject to audit annually by the Accountant General of Meghalaya and any expenditure incurred in connection with such audit shall be payable by the Authority to the Accountant General of Meghalaya;

(3) The Accountant General of Meghalaya and any person appointed by her in connection with the audit of accounts of the Authority shall have the same rights, privileges, and authority in connection with such audit as the Accountant General of Meghalaya has in connection with the audit of the Government accounts and, in particular, shall have right to demand the production of books, accounts, connected vouchers, other documents and papers and to inspect the office of the Authority;

(4) The accounts of the Authority as certified by the Accountant General of Meghalaya or any other person appointed by her in this behalf together with the audit report thereon and an explanatory memorandum on the action so taken or proposed to be taken, shall be forwarded annually to the Government and the Government shall cause a copy of the same to be laid before the State Legislature;

(5) The Chief Executive Officer shall cause the accounts of the Authority together with the audit report and the explanatory memorandum, to be placed on the website of the Authority after the report has been laid before the State Legislature.

Annual Report. - The Chief Executive Officer shall prepare a report of its activities during that year and submit the report to the Government in such form, as may be prescribed and the Government shall cause the report to be laid before the State Legislature.