Chapter IV Finance, Accounts and Audit

1. (1) The Board shall have its own fund.
2. (2) The Board may accept grants, subventions, donations and gifts from the Central or State Government or a local authority or any individual or body, whether incorporated or not for all or any of the purposes of this Act.
3. (3) The State Government may every year make a grant to the Board of a sum equivalent to the administrative expenses of the Board: Provided that the amount of such grant may be reduced or discontinued to the extent the financial position of the Board warrants.
4. (4) All moneys received by or on behalf of the Board by virtue of this Act, all proceeds of land or any other kind of property sold by the Board, all rents and all interests, profits and other moneys accruing to the Board shall constitute the fund of the Board.
5. (5) Except as otherwise directed by the State Government, all moneys and receipts specified in the foregoing provisions and forming part of the fund of the Board shall be deposited in the Reserve Bank of India or in any Nationalized Bank or other Scheduled Bank, invested in such securities as may be approved by the State Government.
6. (6) Such account shall be operated upon by such officers as may be authorised by the Board.

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

1. (1) Where in the opinion of the Board, circumstances of extreme urgency have arisen, it shall be lawful for the Board to make in any year:-
   • (a) recurring expenditure not exceeding twenty-five thousand rupees, and
   • (b) non-recurring expenditure not exceeding one lac of rupees.
2. (2) Where any sum is expended under circumstances of extreme urgency as provided in sub-section (1), a report thereof indicating the source from which it is proposed to meet the expenditure shall be made by the Board as soon as practicable to the State Government.

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

1. (2) The State Government may from time to time advance loans to the Board on such terms and conditions not inconsistent with the provisions of this Act as the State Government may determine.

1. (1) The Board may, from time to time with the previous sanction of the State Government and subject to the provisions of this Act and to such conditions as may be prescribed in this behalf, borrow any sum required for the purposes of this Act.
2. (2) The rules made by the State Government for the purposes of this section may empower the Board to borrow by the issue of debentures and to make arrangements with bankers or the Life Insurance Corporation of India.
3. (3) All debentures issued by the Board shall be in such form as the Board, with the sanction of the State Government may, from time to time, determine.
4. (4) Every debenture shall be signed by the Chairman and one other member of the Board.
5. (5) Loans borrowed and debentures issued under this section may be guaranteed by the State Government as to the repayment of principal and the payment of interest at such rate as may be fixed by the State Government.

1. (1) The Board 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 Housing Board accounts shall, from time to time, once in every year be audited by the Examiner of Local Fund Audit in accordance with the provisions of the Rajasthan Local Fund Audit Act, 1954 (Rajasthan Act 28 of 1954).
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 report of the auditor thereon to the State Government and shall cause the accounts to be published in the prescribed manner and place copies thereof on sale at a reasonable price.
4. (4) The Board shall comply with such directions as the State Government may, after perusal of the report of auditor, thinks fit to issue.

1. (1) Notwithstanding anything contained in section 45, the State Government may order that there shall be a concurrent audit of the accounts of the Board 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 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 and remedy or cause to be remedied the defects pointed out by such person, unless they are condoned by the State Government.