(1) After the Authority is established by the State Government, the Authority shall open an account in any nationalized bank or a bank authorized by the Reserve Bank of India to carry out the banking business. The following may be credited to the Account, namely:-
(i) contribution received from the State Government;
(ii) grants received by the Authority; and
(iii) any other sum received by the Authority from any sources including fees fixed by the Authority under the regulations for the proceedings before the Authority.
Vacancies not to invalidate proceedings of the Authority.
Officers and other employees of the Authority.
Finance, accounts and audit.
(2) The Account shall vest in and be administered by the Authority,which will apply the same to meet the various expenses of the Authority, including the salaries, allowances and administrative expenses defrayed for purposes authorised by this Act.
(3) The Authority shall cause its books and accounts to be maintained, and its annual accounts to be prepared in the form prescribed by the State Government in consultation with the Accountant General, Punjab.
(4) The annual accounts of the Authority shall be audited by the Accountant General, Punjab and any expenditure incurred in connection with such audit, shall be payable by the Authority.
(5) The Accountant General, Punjab and any other person appointed by him in connection with the audit of the accounts of the Authority, shall have the same rights and privileges as the Accountant General, Punjab generally has in connection with the audit of the State Government accounts and, in particular, the rights to demand production of the relevant books, accounts, supporting vouchers and other documents and papers of the Authority, for inspection.
(6) The accounts of Authority as certified by the Accountant General, Punjab or any other person appointed by him in this behalf along with the audit report with respect thereto, shall be forwarded annually to the State Government, which shall cause the same to be laid before the State Legislative Assembly.