Chapter IV FINANCE, ACCOUNTS AND AUDIT.

(1) The Board shall have its own funds called the Housing Board Fund into which shall he credited all moneys received: (a) by way of grants, loans, donations and gifts from the Central Government of any State Government. Local Authority or any body or individuals for all or any of the purposes of this Act; and (b) by or on behalf of the Board under the provisions of this Ace as all proceeds form the sale of land or any other kind of property of the Board, all rents, interests profits and other moneys accruing to the Board. (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 the case of investment in securities, the same shall be done only with the prior approval of the Government (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 purpose of this Act.

The Government may, from time to time, make grants or advance loans to the Board for the purposes off this Act on such terms and conditions as the Govern-ment may determine.

(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 Government. (2) Whenever the borrowing of any sum of money has been approved by the Government, the Board may, instead of borrowing such sum or any part thereof from the public, take credit from any Bank or financial owned or controlled by the Central or any Government on cash account to be kept in the name of the Board and may the previous sanction of the Government, mortgage all or any of the properties vested in the Board as security for such credit. (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

The Government 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) Whenever money is borrowed by the Board by issue of debentures, the debentures shall in such form as the Board may, with the previous sanction of the Government specify. (2) All debentures issued by the Board shall he signed by the Chairman and the Housing Commissioner of the Board.

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

(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) The accounts of the Board shall be audited once a year by authorised auditors or Chartered Accountants to be appointed by the Board. (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 report of the auditors to the Government and shall cause the accounts to be published in the Official Gazette within 31st July every year. (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) Notwithstanding anything contained in Section 33, the Government may order that there shall be a concurrent audit of the accounts of the Board by such person as it think fit. The Government may also direct a 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) 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.