(t) The Board may, from time to time, with the previous sanction of the State Government and subject to ti. e provisions of this Act and to such conditions, as may he prescribed in this behalf, borrow any sum required for the purposes of the Act.
Expenditure in case of urgency.
Subve1tion and lo ms C8 the Bard.
Expenditure of the State Govt. to be treated as Boan or granfi to the Board.
Power of Board ta borrow.
Account and audit .
Concurrent and speciat audits of accounts.
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(2) The rules made by the State Government for the purposes of this section may empower the Boatti to borrow by the issue of debentures and to make arrangements with bankers.
(3) A11 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-
(4) Every debenture shall be signed by the Chairman and one other member of the Board.
(5) Loans borrowed and debentures issued under" this section may be guaranteed by the State Government as to the repayment of principal and the payment of" interest at such rate as may be fixed by the State Government.
6. (1) The Board shall cause to be maintained proper books of accounts and such other books as the:
rules may require and shall prepare in accordance with the rules an annual statement of accounts.
(2) The Board shall cause its accounts to be audited’fl annually by such person as the State Government may direct. The person so directed shall have the right to-a demand the production of books, accounts, and connected.
voucher, documents and papers, and to inspect any of" the otfices 0f the Board.
(3) As soon as the accounts of the Board have been audited, the Board shall send a copy thereoftogether with a copy of the report of the auditor thereon to the State Government and shall cause the accounts to he published in the prescribed manner and ptace copies thereof on sale at a reasonable price.
(4) The Board shall comply with such directions as the State Government may after perusal of the report at auditor think fit to issue.