(1) The State Government may from time to time make subvention to the Board for the purposes of this Act on such terms and conditions as the State Go vernment may determine.
(2) The State Government may from time to time advance loans to the Board on such terms and condi tions not inconsistent with the provisions of this Act as the State Government may determine.
Expenditure of the 63. (1) The State Government may, with prior con· State Government sultation with the Board, at any time, declare that any to be treated as d"t · d b · d d" · 't' t d loan or grant to expen i ure mcurre y it an any procee mg mi ia e the Board. by it, either before or after the constitution of the Board, shall be expenditure incurred or proceedings initiated, on behalf of the Board and upon such decla ration, amount equivalent to such expenditure shall be deemed to have been given by the Government to the Board as loan with effect from such date as the State Government may appoint, provided that the State Government may g~ve such amount as grant to the Board instead of as loan.
(2) On a declaration being made under sub-section
(a) above, such assets and liabilities as may have been created or as may have accrued as a result of the ex· penditure in respect of which a declaration have been made under sub-section (4), shall vest in the Board.
Power of Board, 64. (1) The Board may, from time to time, with the to borrow. previous sanction of the State Government and subject to the provisions of this Act and to such conditions, as 0 may be prescribed in this behalf, borrow any sum required for the purposes of the Act.
(2) The rules made by the State Government for the purposes of this section may empower the Board to borrow by the issue of debentures and to make ar rangements with bankers.
(3) All debentures issued by the Board shall be in such form as the Board, with the sanction of the State Government, may from time to time determine.
Account and audit.
Concu11 ent a nd specia l audits of accounts.
31 ( 4) Every debenture shall be signed by the Chair man and one other member of the Board.
(5) Loans borrowed and debentures issued under this section may be guaranteed by the State Govern ment as to the repayment of principal and the pay ment of iinterest at such rate as may be fixed by the St ate Government.