Section 38: Budget of trust and endowment under direct management of the Board.

(1) Budget showing the estimated receipt and expenditure for the next financial year for each of trust and endowment under direct management of the Board, shall be prepared by the Chief Administrative Officer in such form and at such time as may be prescribed and the same to be submitted by him to the Board for its approval. (2) The Chief Administrative Officer shall submit statement of details of increase of income, if any, for each trust and endowment under the direct management of the Board and the steps taken for its better management during the year, while submitting the budget under sub-section (1). (3)The Chief Administrative Officer shall keep regular accounts and be responsible for the proper management of every trust and endowment under the direct management of the Board. (4) Every budget submitted by the Chief Administrative Officer under sub-section (1) shall comply with the requirements of section 37 and, for this purpose, references therein to the trustee of trust or administrator of endowment shall be construed as reference to the Chief Administrative Officer. (5) The audit of accounts of trust and endowment under the direct management of the Board shall be undertaken by the State Examiner of Local Funds or any other officer appointed by the Government for this purpose, irrespective of the income of the trust and endowment. (6) The provisions of sub-sections (2) and (3) of section 40 and the provisions of sections 41 and 42 shall, in so far as they are not inconsistent with the provisions of this section, apply to the audit of accounts referred to in this section. (7) Where any trust or endowment is under the direct management of the Board, such administrative charges, as may be specified by the Chief Administrative Officer, shall be payable by the trust or endowment to the Board: Provided that the Chief Administrative Officer shall not collect more than ten per cent of the gross annual income of the trust or endowment under the direct management of the Board as administrative charge.