(1) There shall be constituted a Fund called the Water Regulatory Fund and there shall be credited thereto,-
(a) any grants made to the Regulatory Authority by the State Government under section 25 of the Act;
(b) all fees received by the Regulatory Authority under this Act;
(c) all sums received by the Regulatory Authority as water regulatory fee as part of the water tariff charged to be defined in the Rules to be framed in this behalf;
(d) all sums received by the Regulatory Authority from such other sources as may be decided upon by the State Government.
(2) The Fund shall be applied for meeting,-
(a) the salary, allowances and other remuneration of the Chairman, Members and other office bearers of the Regulatory Authority;
(b) the expense of the Regulatory Authority in discharge of its functions;
(c) the expenses on objects and purposes authorized by this Act.
Annual Report o f the Regulatory Authority
27. The Regulatory Authority shall prepare once every year in such form and at such time as may be prescribed, an annual report giving a summary of its activities during the previous year and copies of it shall be forwarded to the State Government for the purpose of laying it before the State Legislature.
Budget o f the Regulatory Authority
28. The Regulatory Authority shall prepare in such form and at such time in each financial year as may be prescribed, its budget for the next financial year, showing the estimated receipts and expenditure of the Regulatory Authority and forward the same to the State Government.
Directions by the State Government
29. In the discharge of its functions, the Regulatory Authority shall be guided by such directions of the State Government in matters of policy involving public interest as the State Government may give to the Regulatory Authority in writing.
404 THE 4 GAZETTE, EXTRAORDINARY FEBRUARY 28. 2009
CHAPTER IV Managing Director of the Board Powers and Functions of the Managing Director Disqualification and removal of the Managing Director
30. The Managing Director appointed by the State Government under section 9 shall do the following:-
(i) appoint all such employees other than those mentioned in section 9 of this Act to carry out the functions of the Act with the prior approval of the Board;
(ii) prepare the budget for the purpose of operation, maintenance, supply of potable water and for any other purposes as may be directed by the Board and submit the same to the Board for approval;
(iii) cause maintenance of proper accounts of all the functions and activities carried out or caused to be carried out under this Act and for the purposes of this Act;
(iv) submit regular statement of accounts to the Board in such form and in such manner and at such intervals as may be prescribed in this regard by the Regulations;
(v) shall be responsible and accountable for complete performance of all the duties and obligations envisaged by and under this Act;
(vi) carry out any other duties, functions or responsibilities as may be assigned to him by the Board of Directors.