Annual Financial Statements, Accounts and Audits

§34

Summary

(1)(a) In February of each year the Corporation shall submit to the State Government a statement in the prescribed form of the estimated Capital and Revenue receipts and expenditure for the ensuing year. (b) The said statements shall include a statement of the salaries of Directors officers and employees of the Corporation and of such other particulars as may be prescribed. (c) The State Government shall as soon as may be after the receipt of the said statement cause it to be laid on the table of the House of the State Legislature, and the said statement shall be open to discussion therein, but shall not be subject to vote. (d) The Corporation shall take into consideration any comments made on the said statement in the State Legislature. (e) The Corporation may at any time during the year in respect of which a statement under clause (a) has been submitted, submit to the State Government a supplementary statement, and all the provisions of this sub-section shall apply to such statements as they apply to such statement under the said clause. (2) The Corporation shall cause to be maintained such proper books of account and other books in relation to its accounts and prepare the balance-sheet in such form and manner as the regulations may require. (3) The accounts of the Corporation shall be audited by such auditor in such manner and at such times, as the State Government may, by general or special order, direct. The auditor so appointed shall have such powers of requiring the production of documents and the furnishing of information respecting such matters, and shall have such powers in respect of dis-allowance and surcharge as may be prescribed. (4) The accounts of the Corporation as certified by the auditor together with the audit report thereon shall be forwarded annually to the State Government, who may issue such directions to the Corporation as it may deem fit, and the Corporation shall comply with such directions. (5) The State Government shall cause the accounts of the Corporation to be published in such manner as it thinks fit.

(1)(a) In February of each year the Corporation shall submit to the State Government a statement in the prescribed form of the estimated Capital and Revenue receipts and expenditure for the ensuing year. (b) The said statements shall include a statement of the salaries of Directors officers and employees of the Corporation and of such other particulars as may be prescribed. (c) The State Government shall as soon as may be after the receipt of the said statement cause it to be laid on the table of the House of the State Legislature, and the said statement shall be open to discussion therein, but shall not be subject to vote. (d) The Corporation shall take into consideration any comments made on the said statement in the State Legislature. (e) The Corporation may at any time during the year in respect of which a statement under clause (a) has been submitted, submit to the State Government a supplementary statement, and all the provisions of this sub-section shall apply to such statements as they apply to such statement under the said clause. (2) The Corporation shall cause to be maintained such proper books of account and other books in relation to its accounts and prepare the balance-sheet in such form and manner as the regulations may require. (3) The accounts of the Corporation shall be audited by such auditor in such manner and at such times, as the State Government may, by general or special order, direct. The auditor so appointed shall have such powers of requiring the production of documents and the furnishing of information respecting such matters, and shall have such powers in respect of dis-allowance and surcharge as may be prescribed. (4) The accounts of the Corporation as certified by the auditor together with the audit report thereon shall be forwarded annually to the State Government, who may issue such directions to the Corporation as it may deem fit, and the Corporation shall comply with such directions. (5) The State Government shall cause the accounts of the Corporation to be published in such manner as it thinks fit.

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