1. The accounts of income and expenditure of the Board fund including the annual accounts shall be in accordance with such manner and such format as may be prescribed by the Financial Control Officer on the suggestion of the Secretary, subject to any direction given by the Government.
The monthly and annual accounts shall be prepared in such Model Form as given in Annexure (Form No.4).
2. The Board, as otherwise expressly provided in the Act, shall incur the expenditure from the funds of the Board, subject to sanctions, conditions and limitations as may be prescribed under these rules and the Board may make further arrangements to such things subject to these rules and regulations.
3. The Board, as far as possible, shall pass the annual accounts of the year in the first general body meeting holding after closing of the financial year and these annual accounts shall be prepared and passed by the Board as in the format as may be prescribed under sub rule (1) above.