(1) Such assets and liabilities of the State Government which the State Government may decide to transfer to the Board on such terms and conditions as may be prescribed shall, with effect from the date of notification published by the State Government in this behalf,' stand vested in and transferred to the Board,
(2) All debts and expenditure incurred, all contracts entered into and all matters and things engaged to be done by, with or for the State Government in respect of the assets and liabilities transferred under sub-section (1) before and upto the date of transfer, shall be deemed to have been incurred, entered into or engaged to. be done with or for the Board and all suits and other legal proceedings instituted or which may be instituted by' or against the State Government in respect of such assets shall be continued or instituted by or against the Board, as the case may be.
t i Ii'.25, (1) The Board shall have a fund to be called the Housing and Development Board Fund.
(2) The Board may accept grants, subventions, donations and' gifts from the Central Government or the State Government or a local authority or any individual or body, whether incorporated or not for all or any of the .purposes of this Act.
(3)' The State .Government may every year make a grant to the Board of the amount required to meet the administrative expenses of the Board.
(4) AU moneys received by or on behalf of the Board, all proceeds of sale of land or any other property, betterment charges and all interest, profits, and other moneys securing to the Board sha ll be deposited in the fund of the Board.
(5) Except as otherwise directed by the State Govern •• ment, all moneys and receipts specified in the foregoing provisions and forming part of. the fund of the Board shall be deposited in the State Bank of Sikkim.
(6) The Bank jaccount or any cash or security of the Board shall be operated or handled by such officers as may he author ised' by' the' Board.
26. All property, fund and all other assets vested in the Board shall be held and applied by it, subject to the provisions arid for the. purpose of th is Act.
27. or Where in the opinion of the Board, circumstances of extreme urgency have arisen, it shall be lawful for the Board to make in any yearv-«
(a) recurring expenditure not exceeding fifty thousand rupees.
(b) non-recurring expenditure not exceeding two lakhs of rupees.
(2) Where any sum is expended under circumstance of extreme urgency as provided in sub-section (1), a report thereof indicating the source from which it is proposed to meet the expenditure shall be made by the Board as soon as practicable to the State Governmen t.
28. (I) The State Government may from time to time make subventions to the Board for carrying out the purposes of this Act on such terms and conditions as the State Government may determine.
(2) The State Government may from time to time advance loan to the Board on such terms and conditions not inconsistent with the provisions of this Act as the State Government may determine.
-Application of the Fund.
Expenditure in CG3f!
of urgency.
Subvention and loan to the Board.
Power oj Board to borrow.
29, (1) The Board may, from time to time; with the previous sanction of the State Government and subject to the provisions of this Act and to such conditions as may be prescribed in, this behalf, borrow any sum required 'for' the purposes of the Act,
(2) The rules made by the State Government may empower the Board to borrow by the issue of debentures and to make arrangements' with bankers,
(3)' A 11 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 payment of interest at such ra.te as may be fixed by tho State Government.
Accounts and audit. 30. (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 annually by an auditor to be appointed by the State Government. The auditor so appointed shall have the right to demand the production of books, accounts, vouchers, documents and other papers, and to inspect any of the offices of the Board.
(3) As soon as the accounts of the Board, have been audited, the Board shall send a copy thereof together with a copy of the report of the auditor thereon to the State Government and shall cause the accounts to be published in the prescribed manner and place 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 repo rt of the' auditor, think fit, to issue.