Board to put statement of expenditure and receipts

(1) The Board shall in each year prepare in such form as may be prescribed a statement showing the estimated receipts and expenditure and such other particulars as may be prescribed. (2) The Board shall review the budget of the Board. (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 such conditions as may be prescribed in this behalf, borrow any sum required for the purposes of this Act. (2) The State Government may, by general or special order, empower the Board to borrow by issue of debentures and to make sure arrangements with banks for borrowing. (3) All debentures issued by the Board shall be in such form as the Board shall, with the sanction of the State Government, from time to time determine. (4) Every debenture shall be signed by the Chairman and one other member of the Board. (5) Sums borrowed under this section may be guaranteed by the State Government as to the repayment of principal and payment of interest at such rate as may be fixed by the State Government, subject to any Act, Regulation or Law for the time being in force concerning the borrowing of money by the State Government for the purposes of the Act: Provided that nothing contained in any law for the time being in force shall be taken to restrict the borrowing by the Board, but the Board shall, in such case, adhere to such terms and conditions as the State Government may determine.