(1) There shall be a fund to be called the Fund to be held by the Gorkhaland Territorial Administration in trust for the purpose of this Act and all moneys realized or realizable under this Act and all moneys otherwise received by the Gorkhaland Territorial Administration shall be credited thereto.
(2) All funds as may be allocated by the Central Government or the State Government for the Gorkhaland Territorial Administration shall be assigned to it and shall be credited to the Fund.
(3) (i) The allocation sanctioned in the budget of the Fund and all funds sanctioned by the State Government or the Central Government which remain unspent at the close of the financial year shall be taken into account for the purpose of providing additional resources in the Budget of the following year or years and the fund requirements shall be met on a yearly basis.
(ii) The Gorkhaland Territorial Administration may, subject to the provisions of any law relating to the raising of loans by local authorities, raise with approval of the Government loans for the purposes of this Act and create a sinking fund for the repayment of such loan.
(4) The moneys credited to the Fund shall be applied for payment of all sums charges and costs necessary for carrying out the purposes of this Act.
(5) No payment shall be made out of the Fund unless such expenditure is covered by a current budget grant:
Provided that the Gorkhaland Territorial Administration may make payments in terms of refund of deposits by contractors or for urgent works undertaken in an emergency or required by the Government in the public interest or under the decree 24 THE KOLKATA GAZETTE, EXTRAORDINARY, MARCH 12, 2012 [PART III The Gorkhaland Territorial Administraton Act, 2011.
(Chapter V—Funds and Audit—Sections 56, 57.)
or order of a civil or criminal court against the Gorkhaland Territorial Administration and for such other cases as may be prescribed:
Provided further that such expenditure shall be reported to the Gorkhaland Territorial Administration for taking such action under the provisions of this Act as may appear to it to be feasible for covering the amount of such payments.
(6) Fund, other than the Fund received either from the Central Government or the State Government standing at the credit of the Gorkhaland Territorial Administration, as are not required for immediate purpose, may be invested in Government Securities, deposits in the Scheduled Commercial Bank and in other similar instruments in accordance with such regulations as may be made by the Gorkhaland Territorial Administration in this behalf.
(7) The Gorkhaland Territorial Administration may make regulations for the management of the Fund and for the procedure to be followed in respect of the payment of moneys into the said Fund, withdrawal of moneys therefrom, the custody of moneys therein and any other matter incidental thereto or connected therewith.
(8) The accounts of the Gorkhaland Territorial Administration shall be kept in such form as may be prescribed in consultation with the Accountant-General.
(9) Subject to the provisions of the Comptroller and Auditor-General (Duties, 56 of 1971.
Powers, and Conditions of Service) Act, 1971, and the rules and the orders made thereunder, the audit of the accounts of the Gorkhaland Territorial Administration shall be entrusted by the Government to the Comptroller and Auditor-General of India who may submit to the Government such report thereon as he may deem fit. The Government shall transmit the report to the Gorkhaland Territorial Administration for discussion and consideration. The Gorkhaland Territorial Administration shall return the report to the Government with comments, if any. The Government shall lay such reports with the comments of the Gorkhaland Terrirotrial Administration before the State Legislature.
(10) The Governor shall obtain a report on the functioning of the Gorkhaland Territorial Administration and cause that report to be laid on the table of the Legislative Assembly annually.
56. Such share of royalties accruing each from forest, fees for grant of license or lease for the purpose of prospecting for, or extraction of minerals granted by the Government and land revenue in respect of region as may be agreed upon between the Government and the Gorkhaland Territorial Administration shall be made over to the Gorkhaland Territorial Administration.