Chapter V FINANCE, ACCOUNTS AND AUDIT

1. (1) The Board shall have is own fund called the Housing Board Fund into which shall be credited all money received-
   • (a) by way of grants, subdivision, donation and gifts from the Central Government or any State Government, Local Authority, District Council or anybody or individual for all or any of the purposes of this Act; and
   • (b) by or on behalf of the Board under the provisions of this Act as well as all proceeds from the sale of land or any other kind of property of the Boards, all rents, interests, profits, and other moneys accruing to the Board.
2. (2) Except as otherwise directed by the Government, the Board may deposit its funds in one or more Banks or invest them in Securities, or partly in one and partly in the other; Provided that in case of investment in securities, the same shall be done only with prior approval of the Government.
3. (3) The accounts of the Board shall be operated upon by such officers as may be authorised by the Board by a general or special order.

All properties, funds and other assets of the board shall be held and applied by it, subject to the provisions and for the purposes of this Act.

The Government may, from time to time, make subventions or advance loans to the Board for the purposes of this Act on such terms and conditions as the Government may determine.

1. (1) Subject to the provisions of this Act and with the previous approval of the Government, the Board may, from time to time, borrow money required for the purposes of this Act from the public or from any corporation owned or controlled by the Central or any State Government.
2. (2) Whenever the borrowing of any sum of money has been approved by the Government, the Board may, instead of borrowing such sums or any part thereof from the public, take credit from any bank or any financial institution owned or controlled by the Central or any State Government on a cash account to be kept in the name of the Board and may with the previous sanction of the Government, mortgage all or any of the properties vested in the Board as security for such credit.
3. (3) Subject to such conditions and limitations as may be prescribed and with the previous approval of the Government ,the Board may, for the promotion and execution of any Housing Scheme, enter into financial arrangement with the Life insurance Corporation of India, any Bank or other financial institutions approved by the Government.
4. (4) Subject to the provisions of this Act and such conditions and limitations as may be prescribed, the Board may, out its funds, grant loans and advances on such terms and conditions as it may determine, to any co-operative society registered under the Meghalaya Cooperative Society Act or to any other person for the construction of houses.

The Government may guarantee may guarantee in such manner and subject to such conditions as it may think fit, the repayment of the principal including interest of any loan borrowed and debentures issued by the Board.

1. (1) Whenever money is borrowed by the Board by issue of debentures, the debentures shall be in such form as the Board may, with the previous sanction of the Government, specify.
2. (2) 1" All debentures issued by the Board shall be signed jointly by-
   • (a) the Chairman or, in his absence, the Vice Chairman; and
   • (b) the Housing Committee."

1. (1) Where, in the opinion of the Board, circumstances of urgency have arisen, the Board may incur in any year recurring expenditure not exceeding rupees fifty thousands and nonrecurring expenditure not exceeding rupees two lakhs notwithstanding that such expenditure has not been included in the Budget approved by the Government.
2. (2) Where any expenditure is incurred under sub-section (1), a report thereon, indicating the source from which the expenditure was made, shall be sent, as soon as practicable, to the Government for approval.

1. (1) The Board shall cause to be maintained proper books of accounts and such other records as the rules may require and shall prepare in accordance with the rules a statement of accounts for each financial year.
2. (2) The accounts of the Board shall be audited once a year by authorised auditors (Chartered Accountants) to be appointed by the Board.
3. (3) As soon as the accounts of the Board have been audited the Board shall send a copy thereof together with a copy of the auditors to the Government and shall cause the accounts to be published in the official Gazette not later than four months after 31st March every year.
4. (4) The Board shall comply with such directions as the Government may, after perusal of the report of the auditor, think fit to issue.

1. (1) Notwithstanding anything contained in Section 40, the Government may order that there shall be a concurrent audit of the accounts of the Board by such person as it thinks fit. The Government may also direct special audit of the Accounts of the board relating to any particular transaction or a class or series of transactions or to a particular period.
2. (2) When an order is made under sub-section (1), the Board 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.