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16. (1) The Member-Secretary of the Authority shall maintain proper accounts of the Authority and other relevant records and prepare an annual statement at the close of each financial year and shall place it before the Authority and a copy thereof shall be sent to the State Government. (2) The accounts of the Authority shall be subject to audit annually by the Director, Local Fund Audit Department and any expenditure incurred by him in connection with such audit shall be payable by the Authority. (3) The Directors, Local Fund Audit Department or any person appointed by him in connection with such audit shall have the same rights, privileges and authority as the said Director has in connection with the audit of the accounts of a local authority and, in particular, shall have the right to demand the production of books, accounts, vouchers and other documents and papers and to inspect the office of the Authority. (4) The audited accounts of the Authority shall be placed every year before the Authority for approval on or before such date as the Authority may direct.
<b>16.</b> (1) The Member-Secretary of the Authority shall maintain proper accounts of the Authority and other relevant records and prepare an annual statement at the close of each financial year and shall place it before the Authority and a copy thereof shall be sent to the State Government.<br> (2) The accounts of the Authority shall be subject to audit annually by the Director, Local Fund Audit Department and any expenditure incurred by him in connection with such audit shall be payable by the Authority.<br> (3) The Directors, Local Fund Audit Department or any person appointed by him in connection with such audit shall have the same rights, privileges and authority as the said Director has in connection with the audit of the accounts of a local authority and, in particular, shall have the right to demand the production of books, accounts, vouchers and other documents and papers and to inspect the office of the Authority.<br> (4) The audited accounts of the Authority shall be placed every year before the Authority for approval on or before such date as the Authority may direct. <br>