[1] A record shall be maintained of all business transacted by the Board or its Committee, and copies of such record shall be submitted to the Central Government [2] The record of business transacted at the meeting of the Board and of the Committee shall be signed by the Chairman presiding over such meetings.
[3] When business is transacted by circulation of papers a record of business so transacted shall be signed by the Chairman of the Board or the Committee, as the case may be, directing the circulation.
14. Budget Estimate: [1] The Board shall in each year prepare a budget for the ensuing year and shall submit it for the sanction of the Central Government in the second week of October provided that the first budget shall be so submitted or before such date as may be appointed by that Government.
6 [2] Subject to such orders as may be issued by the Central Government from time to time no expenditure shall be incurred until the budget is sanctioned by the Central Government and the expenditure is authorised by competent authority.
[3] The budget shall be in such form as the Central Government may direct and shall include-
(a) the estimated opening balance;
(b) the estimated receipts by way of;
(i) proceeds of the cess made over to the Board by the Central Government under section 14 of the Act;
(ii) any other fee that may be levied and collected under the Act or the rules thereunder;
(c) the proposed expenditure classified under the following heads (or such other heads as the Central Government may direct):-
(i) administration;
(ii) measures for promoting the sale and increasing the consumption of coir products;
(a) in India, (b) outside;
(iii) research,
(iv) statistics;
(v) others.
[4] The proposed expenditure under each head shall be further classified under the following sub-heads.
(i) pay of officers,
(ii) pay of establishment,
(iii) allowances, honorarium etc.,
(iv) other charges, contingencies, etc, [5] Supplementary estimates of expenditure shall be submitted for the sanction of the Central Government in such form and on such dates as may be directed by them.
15. Contracts-[1] The Board may enter in to contracts, provided that every contract which extends over a period of more than three years or involves expenditure in excess of Rs. 20,000 shall require the previous sanction of the Central Government.
[2] Provided that Board shall be competent to enter into contracts extending over a period not exceeding three years which involves expenditure not exceeding rupees two lakhs and fifty thousand for purchase of raw materials for the power loom factory, in accordance with the provisions of the General Financial Rules, within the sanctioned budget allotment.
The Board may delegate to the Chairman or the Secretary or in the case of purchase of raw materials for a powerloom factory to the Weaving Master of the power loom factory, such power for entering into contracts on its behalf as it may think fit.
7 [3] Contracts shall not be binding on the Board unless they are executed by the Chairman or Vice Chairman or by the Secretary, or by the Weaving Master of the powerloom, factory, with the previous approval of the appropriate authority concerned and the common seal of the Board, where necessary is affixed thereto;
Provided that the Weaving Master of the power loom factory and the Director of the Central Coir Research Institute acting together shall be competent to execute contracts extending over at period not exceeding three years which involve expenditure not exceeding Rs. 30, 000/- for purchase of raw materials for the powerloom factory:
[4] Neither the Chairman nor the Secretary not any member of the Board shall be liable for any assurance or contract made by the Board, but any liability arising under such assurance of contract shall be discharged from the moneys at the disposal of the Board.
16. Power to incur expenditure- Subject to the provisions or the Act and the rules, the Board may incur such expenditure as it may think fit and write of losses upto Rs.1,000 in any one case and may delegate to the Executive Committee or to the Chairman or Secretary or to the Weaving Master of the powerloom factory in the case of purchase of raw materials for the powerloom factory such financial powers as it may consider expedient:
Provided that save with the sanction of the Central Government, no expenditure shall be incurred which is in excess of the sanctioned budget allotment under any head.
[2] Reappropriation within a head of expenditure may be made by the Board and subject to clause (d) of rule 22(2) the Board may delegate its powers in this behalf to the Executive Committee.
[3] Reappropriation between heads of expenditure shall not be made save with the previous sanction of the central Government.
[4] The Board shall not incur expenditure outside India in excess of Rs.10,000 on any one item without the previous sanction of the Central Government.
17. Borrowing Powers- The Board may with the previous sanction of the Central Government borrow on the security of the Coir Fund or any other of its assets for meeting its expenses or for any other purpose referred to in section 10 of the Act; provided that no loan other than a loan from the Central Government or any State Government shall be taken, which is payable later than six months from the date of the loan.
18. Accounts of the Board- The Board shall maintain accounts of income and expenditure as well as assets and liabilities relating to each year in the forms set out in the Schedule
(2) The audited accounts of income and expenditure and assets and liabilities together with the audit report thereon shall be submitted to the Central Government as soon as may be, after such accounts are audited and in an/case not later than seven moths from the close of the year to which the accounts relate.
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(3) The Accounts of income shall be shown under the following heads:-
(a) Moneys received under section 14 of the Act.
(b) Grants received from the Central Government under section 14 A of the Act
(c) Any other money received by the Board.
(d) Interest on investments.
(e) Excess of income over expenditure of the power looms factory (Hindustan Coir)
(f) Excess of income over expenditure in showrooms and sales depots.
(4) Expenditure incurred in the year shall be shown under separate heads and sub – heads as given in the Schedule: