Deposit of Fund and placing of accounts and audit report before the State Legislature

(1) All moneys and receipts forming part of the Fund shall be deposited in the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (Central Act 11 of 1934), or in the State Bank of India constituted under the State Bank of India Act, 1955 (Central Act 23 of 1955), or any corresponding new Bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970), or in the State Co-operative Bank or in any Central Co-operative Bank as defines in section 73-A of the Tamil Nadu Co-operative Societies Act, 1961 (Tamil Nadu Act 53 of 1961) or in any corporation owned or controlled by any State Government or the Central Government and such account shall be operated upon by such officers of the Board as may be authorised by the Board and in such manner, as may be prescribed.

(2) The Accounts of the Board, as certified by the auditor, together with the audit report thereon, shall be forwarded yearly to the Government and the Government may issue such instructions to the Board in respect thereof as they deem fit and the Board shall comply with such instructions.

(3) The Government shall –

(a) cause the accounts of the Board together with the audit report thereon forwarded to them under sub-section (2) to be laid yearly before the State Legislature; and

(b) cause the accounts of the Board to be published in the prescribed manner and make available copies thereof on sale at a reasonable price.