(1) For the purpose of enabling a Development Authority [constituted under sub-section (2) of section 113] to defray expenditure properly chargeable to capital account including the provision of working capital, the State Government may, after due appropriation made by the State Legislature by law in this behalf, make advances to the Development Authority repayable over such periods and on such terms as may be approved by the State Government.
(2) For the purpose of enabling [such Development Authority] to defray any other expenditure, the State Government may, after due appropriation made by the State Legislature by law in this behalf, make grants to the Development Authority of such amounts it may decide in this behalf.
(3) All sums received by the State Government by way of interest on an advance made to a Development Authority under sub-section (1) and all sums received by way of repayment of the principal of such an advance shall be paid into the Consolidated Fund of the State ; and the State Government shall lay before each House of the Legislature of the State a statement of any sums due from a Development Authority by way of interest on or repayment of any such advances which are not duly paid to the State Government in accordance with the terms approved under sub-section (1).
(4) It shall be a condition of the making of advances to a Development Authority under this section that [the plans or proposals] for development submitted to the State Government [under this Act] shall be approved by the State Government as being likely to secure for the Development Authority an overall return which is reasonable, having regard to all the circumstances, when compared with the cost of carrying out those proposals.
(5) The provisions of Chapter VIII in regard to budget, accounts and audit shall [except as provided in that Chapter] apply to every Development Authority.
(6) Every Development Authority shall provide the State Government with such information relating to the undertaking of the Authority as the State Government may from time to time require, and for that purpose shall permit any person authorised by the State Government in that behalf to inspect and make copies of the accounts, books, documents or papers of the Development Authority and shall afford such explanation thereof as that person or the State Government may reasonably require.