The Bank Accounts of the Corporation will be operated as indicated below :- Cheque upto Rs.5,000 - Financial Controller Cheque upto Rs.50,000 - Managing Director Cheque above Rs.50,000 - Managing Director & Chairman In the event of Managing Director or Chairman being not available the bank operation/documents above Rs.50,000 will be by the Managing Director or Chairman and financial Controller.
11. Accounts, Receipts and Documents of the Corporation by whom to be signed.
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(i) The Managing Director may issue, endorse and transfer promissory notes, bonds, share, securities.
(ii) The Financial Controller may issue receipt for payments received, endorse and transfer documents on title to goods standing in the name of, or held by, the Corporation.
12. Expenditure - Expenditure incurred under various Heads/Sub-Heads each quarter shall be placed before the Board for its information at its next meeting.
13. Financial Position - Profit and loss account and Balance Sheet of the Corporation shall be compiled within one month of the close of the Accounting Year and shall be placed before the Board within three months of the close of the Accounting Year. Thereafter the Balance Sheet and the Profit and Loss Account signed by the authorized persons shall be handed over to the Auditors appointed by the Board under the provisions of section 23 of the Act.
14. Budget estimates for the coming financial year will be prepared by the Managing Director and placed before the Board of Directors for approval in the first week of February every year.
15. Duties of the Managing Director :
(a) The Managing Director shall give effect to the decisions taken by the Board, without any delay.
(b) The Managing Director shall have the powers to negotiate and carry on the usual or authorized business of the Corporation in accordance with the instructions which the Board of Directors or the State Government may issue from time to time.
(c) The authority to decide whether or not any suit/appeal or any other legal action or proceedings by or against the Corporation be instituted /defended by the Corporation shall be the Board of Directors. But, in case of short notice from a court of law, the managing Director shall have the authority to take a decision in such matters, and to bring the matter to the notice of the Board in its next meeting.
(d) Plaints etc by whom to be signed – Plaints, written statements, vakalatnamas, affidavits and all other documents connected with legal proceedings, may be signed and verified on behalf of the Corporation by the Managing Director, and legal proceedings for and against the Corporation will be pursued by the Managing Director, who may engage a Counsel for the Corporation, if necessary?
(e) The Managing Director shall generally do all such acts or things as may be incidental or consequential to the exercise of the powers or the performance of duties aforesaid or any of them.
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16. Power of Interpretation :
In case of any dispute or doubt as to the provisions made of these Regulations or the interpretation thereof, the Board shall have the final authority to interpret any such provision in a manner not inconsistent with the Act or the Rules made thereunder.
17. Powers to Redelegate the Power Delegated to Managing Director The Managing Director may redelegate the powers delegated to him under these Regulations to any officer of the Corporation.