Finance, accounts and audit

(1) After the Authority is established by the State Government, the Authority shall open an account in any nationalized bank, or a bank authorized by the Reserve Bank of India to carry out the banking business. The following may be credited to the Account, namely- a) Contribution received from the State Government b) Grants received by the Authority; and c) Any other sum received by the Authority from any sources including fees fixed by the Authority under the regulations for proceedings before the Authority. (2) The Account shall vest in and be administered by the Authority, which shall apply the same to meet the various expenses of the Authority, including the salaries, allowances and administrative expenses defrayed for