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(3) All sums representing income from endowments or property owned or managed by the Board shall be deposited in the Operational fund.
(4) All money payable to the credit of the Board funds shall forthwith be deposited with any of the scheduled banks to the credit of the relevant funds and all cheques drawn on the funds shall be signed by the drawing and disbursing officer so appointed by the Secretary and be presented for encashment after obtaining the counter signature of the Chairman.
(5) No expenditure shall be incurred from the relevant fund of the Board except for the purpose as provided under this Act, unless such expenditure is provided for in the Budget approved under this Act or can be met by re- appropriation in the prescribed manner.
(1) The accounts of the Board shall be examined and audited annually by an auditor appointed by the Government, besides audit by the Accountant General concerned as and when it so desires.
(2) The Secretary of the Board shall send a copy of the reports on account audited to the Government within three weeks after the completion of the audit.
(3) The Government shall take such action on the audit reports as it thinks fit.
CHAPTER VII Any matter required to be provided by regulations under this Act shall, until such regulations are made, be provided by rules under this Act.
CHAPTER I Amendment of this Act may be initiated by the Board and it may submit the same to the Government and the Government may direct the Board to initiate such amendment if and when necessary.
In the event of permanent dissolution of the Board, all the properties of the Board shall be inherited by the concerned Government department.
(1) The Government may make rules for carrying out the provision of this Act.
(2) In particular, and without prejudice to the generality of the foregoing powers, such rules may provide for all or any of the following matters namely :-
(a) the acquisition, possession and disposal of property by the Board, the condition of such acquisition, possession and disposal and the performance by the Board of any function referred to in sub-section (3) of section (3).