Finance, Account, Audit and Report

• Fund of Board -
  • The Board shall have its own fund.
  • All sums which may, from time to time, be paid to the Board by the State Government or by any body and the amount charged by the board under section 31 shall be carried to the fund of the Board and all payments shall be made therefrom.
  • The Board may spend such sums as it thinks fit for the performance of its functions under this Ordinance, and such sums shall be treated as expenditure payable out of the fund of the Board.

• Accounts and audit -
  • The accounts of the Board shall be prepared and maintained in such form and in such manner as may be provided by regulations.
  • The Board shall cause to be prepared for each financial year an annual statement of accounts in such form as may be provided by regulations.
  • The accounts of the Board shall be audited by the auditor duly qualified to act as an auditor of the Companies under section 226 of the Companies Act, 1956.
  • The auditor shall send a copy of the report together with audited copy of accounts to the Board which shall as soon as may be after the receipt of the audit report forward the same to the State Government.
  • The State Government shall cause the audit report together with audited copy of accounts to be laid before the State Legislature as soon as may be after the receipt of the same under sub-section (4).

• Annual report - (1) The Board shall during each financial year