Chapter VIII Finance

1. (1) A fund to be called the 'Improvement Fund' of the place where the principal officer of a Trust is situated shall be constituted for each Trust as soon as it is formed.
2. (2) There shall be credited to this Fund-
   • (i) such sums as may be placed by the State Government at the disposal of the Trust, from time to time, either by way of loan or as subsidy;
   • (ii) such contribution from the Municipal Board as may, from time to time, be ordered by the State Government to be made, after considering the relief or addition to the resources of such Board accruing or likely to accrue from the schemes undertaking by the Trust;
   • (iii) the rents, profits and sale proceeds of all lands, buildings and other property vested or vesting in or acquired by the Trust under this Act;
   • (iv) sums borrowed by the Trust with the previous sanction of the State Government subject to the prescribed conditions, for any of the purposes of the Trust; and
   • (v) all fees and charges payable to or received by the Trust under this Act.

1. (1) Where as a consequence of any scheme having been executed by the Trust in any area, the value of any property in that area, in the opinion of the Trust, has increased or will increase, the Trust shall, with the sanction of the State Government, be entitled to levy upon the owner of the property or any person having interest therein a betterment charge in respect of the increase in the market value of the property resulting from the execution of the scheme.
2. (2) Such betterment charge shall be an amount equal to one-fourth of the amount by which the market value of the property on the completion of the execution of the scheme, estimated as if the property were clear of buildings, exceeds the market value of the property prior to such execution estimated in like manner.

1. (1) Where it appears to the Trust that any particular scheme is sufficiently advanced to enable the amount of the betterment charge to be determined, the Trust may, by an order made in this behalf, declare that, for the purpose of determining the betterment charge, the execution of the scheme shall be deemed to have been completed and shall thereupon give notice in writing to the owner of the property or any person having an interest therein that the Trust proposes to assess the amount of the betterment charge in respect of the property under section 62.
2. (2) The Trust shall then assess the amount of the betterment charge payable by the person concerned after giving such person an opportunity to be heard and such person shall, within three months from the date of receipt of the notice in writing of such assessment from the Trust, inform the Trust by a declaration in writing that he accepts the assessment or dissents from it.
3. (3) When the assessment proposed by the Trust is accepted by the person concerned within the period specified in sub-section (2), such assessment shall be final.
4. (4) If the person concerned dissents from the assessment or fails to give the Trust the information required by sub-section (2) within the period specified therein, the matter shall be determined by arbitrators in the manner provided in section 64.

1. (1) For the determination of the matter referred to in sub-section (4) of section 63, the State Government shall appoint three arbitrators of whom one at least shall have special knowledge of the valuation of land.
2. (2) Arbitrator shall follow such procedure as may be prescribed.
3. (3) In the event of any difference of opinion among the arbitrators, the decision of the majority shall prevail and that decision shall be the award of the arbitrators.
4. (4) If any arbitrators dies, resigns, or is removed under sub-section (5) or refuses or neglects, in the opinion of the State Government to perform his duties or becomes incapable of performing the same, then the State Government shall forthwith appoint another fit person to take the place of such arbitrator.
5. (5) If the State Government is satisfied after such inquiry as it thinks fit-
   • (a) that an arbitrator has misconducted himself, the State Government may remove him from his office; or
   • (b) that the award of the arbitrator has been improperly procured or that any arbitrator has misconducted himself in connection with such award, the State Government may set aside the award.
6. (6) An award which has not been set aside by the State Government under clause (b) of sub-section (5) shall be final and shall not be questioned in any court.
7. (7) The provisions of the Arbitration Act, 1940 (Central Act 10 of 1940), shall not apply to the arbitration under this section.

1. (1) The betterment charge levied under this Act shall be payable in such number of installments and each installment shall be payable at such time and in such manner as may be fixed by regulations made in this behalf.
2. (2) Any arrear of betterment charge shall be recoverable in the manner laid down in the Municipal law for the time being in force for the recovery of municipal claims.

1. (1) All the moneys of the Trust shall be kept in a Government treasury or sub-treasury or a bank to which the Government treasury business has been made over.
2. (2) Nothing in the foregoing sub-section shall be deemed to preclude a Trust from investing, with the previous sanction of the State Government, any such moneys which are not required for immediate expenditure, in any of the securities described in section 20 of the Indian Trusts Act, 1882 (Central Act 2 of 1882) or placing them in fixed deposit with a bank approved by the State Government.
3. (3) The Trust Fund shall be applied towards meeting the expenses incurred by the Trust in the carrying out of schemes framed and sanctioned under this Act, and in the administration of the other provisions of this Act and for no other purpose. 66A. Power of the Trust to borrow. - The Trust may, with the previous approval of the State Government, borrow any money for carrying out the purposes of this Act or for servicing any loan obtained by it. at such rates and on such conditions as the State Government may determine at the time money is borrowed.

The Trust shall prepare in such form and at such time every year as may be prescribed a budget in respect of the financial year next ensuing, showing the estimated receipts and expenditure of the Trust and shall forward to the State Government such number of copies thereof as may be prescribed.

(I) The Trust shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance sheet in such form as the State Government may prescribe. (2) The accounts of the Trust shall be subject to audit annually by the Examiner of Local Fund Audit and the provisions of the Rajasthan Local Fund Audit Act. 1954 (Rajasthan Act 38 of 1954) shall apply.

The Trust shall prepare for every year a report of its activities during that year and submit the report to the State Government in such form and on or before such date as may be prescribed.

1. (1) The Trust shall constitute for the benefit of its officers and other employees, in such manner and subject to such conditions as may be prescribed, such pension and provident funds as it may deem fit.
2. (2) Where any such pension or provident fund has been constituted, the State Government may declare that the provisions of the Provident Funds Act, 1925 (Central Act 19 of 1925) shall apply to such fund as if it were a Government Provident Fund.

If the Trust fails to repay any loan or any interest or costs in respect thereof, according to the conditions of the loan, the State Government will attach the rents and other income of the Trust and apply the same in satisfaction of such loan and other dues.