(1) Th e bala nce -sheet an d acco unts of the Co rpo ra tion shal l be prepare d an d ma intain ed in such form and manne r as ma y be prescr ibed .
(2) Th e Board shal l cause the books and accounts of the Corpo rat ion to be bal anced an d closed as on the thir ty-firs t day of De cem ber each yea r or any oth er da te as ma y be pres cribed .
(3) Th e acco unts of the Corpo rat ion shal l be audit ed by an app roved au dit ing agency . as may be prescribed.
12 Staff of the 28. (1) A Corporati on shal l with the appro val of the Corpo rati on Government appo int any person as Secreta ry cum Manager of the Corporatio n. He shal l be a whole time sal aried officer of the Corpo rati on an d will perform all executive an d oth er duti es of the Corpo rati on as the Board may from time to tim e decide.
(2) A Corporati on ma y also appoint such num ber o f other salaried sta ff as i t considers necessary or desirable for the efficient perf ormance of its functions.
(3) A Corporati on sha ll determine the terms and con ditions of appointme nt and service of the sala ried staf f in consult atio n with the Sta te Governm ent.
Power to 29. (1) Th e Sta te Gov ernment may by not ification in mak e rules . t ji e o ffjc ia i Gazette make rules to carry out the purposes of this Act.
(2) Every Ru le made under this Section sha ll be laid , as soon as may be, after it is made, before the Assam Legislative Assembly whi le it is in session for a total per iod of fourtee n days which may be comprised in one session or in two successive sessions an d if before the expiry of the said perio d the Assam Legis lative Assembly decid e th at the ru le should not be ma de or should be ma de only in a modified form, the rule shal l thereafter be of no effect or hav e effec t only in such mod ified form , as the case may be, so however th at any such annu lm ent or modification sha ll be wi tho ut pre judice to the val idit y of anyth ing previ ously done under th at rule .
Power to make bye-laws.
30. Th e Board may , wi th the previous appro val of the Sta te Gov ernmen t, make bye-law no t inconsis tent with the provis ions of this Act to provide for all ma tte rs to car ry out the purpose of this Act the rules ma de the reu nder on the Me mo ran dum of Association.
1 Power to 31. (1) If in the opin ion of the Sta te Government , a supersedes Board or a Corpo rati on is no t com petent to perfo rm or o r th e VE Pe r s istently com mit defaul t in the performance of the duties Corporatio n impo sed on it by or unde r this Act or rules the reu nder in case of or the Mem ora ndum of Association or otherwise by law, incompe- o r exceeds or abuses its powers or pers isten tly fails to work defa uitT ’or a s a n economical ly viable orga nisa tion , the Sta te Government,' abuse of after giving the Board or the Corpo rati on, as th e case ma y power. be, an opportu nity for sub mit ting an exp lanatio n in the mat ter ma y by not ifica tion , sta ting the reasons for so do in g, dec lare such Board or Corpo rati on, as the case may be, to be incom peten t or in defau lt or to hav e exceeded or abu sed its powers an d,—
(a) supersede the Board for such per iod as deem ed necessary and appo in t an adhoc bod y to carry 13 on the funct ions of the Board un til such time as the Sta te Government may decide, or
(b) dissolve the Corpo rat ion :
Provided th at if for emergent reasons and pen ding form aliti es relating to supersession ol the Beard , it is necessary, in the opin ion the Sta te Gov ernmen t, to sUupcrd the Board forth wi th, it may do so ar.d appoint an ad hoc be dy to carry on the functions of the Board for such per iod as may be det erm ined by the Sta te Gov ernment:
Provide d furth er th at while supe rseding a Ec aid the Sta te Gov ernment may also direct th at the elected directors of th at Board shal l no t be eligible for re-e lect icn for such per iod no t exceeding six years from the da te of supersession o f the Board.
(2) On dissolu tion of the Corpo rati on under sub-section
(1), the pro perty of the Corporatio n will be disposed of in the ma nner prescribed.