Amendment status not verified — confirm the current text below against the official source.
Contribution of government to Corporation - The Government shall, by appropriation duly made in this behalf, from time to time, provide funds to the extent considered necessary, to the Corporation for the performance of the functions of the Corporation under this Act. The Capital provided by the Government shall not carry any interest. 17.Reserve and other funds - (1) The Corporation shall make provisions for such reserve and other specially denominated funds as the Government may, from time to time, direct. (2) The management of the funds referred to in sub-section (1), the sums to be transferred, from time to time, to the credit thereof and the application of money comprised therein, shall, subject to the directions if any, issued by the Government in this behalf, be determined by the Corporation. (3) None of the funds referred to in sub-section (1) shall, except with the previous approval of the Government, be utilized for any purposes other than that for which it is constituted. 18.State Government as guarantor - The Corporation may seek State Government guarantee for the debt servicing whenever necessaryand the Government shall guarantee the payment of the amounts due subject to agreed conditions of such guarantee provided. 19.Accounts and Audit - (1) The Corporation shall maintain books of account and other books in relation to the business and transactions in such form, and in such manner, as prescribed under the Companies Act, 2013(Central Act No.18 of 2013). 10 . (2) The accounts of the Corporation shall be audited by an Auditor appointed by the Government, in consultation with the Comptroller and Auditor General of India. (3) Within six (6) months from the end of the financial year, the Corporation shall send a copy of the accounts audited together with a copy of the report of the Auditor thereon to the Government. (4) The Government shall cause the accounts of the Corporation together with the audit report thereon forwarded to it under sub-section (3) to be laid before the State Legislature, as far as possible before the expiry of the year next succeeding the year to which the accounts and the report are related. 20.Concurrent and Special audit of Accounts - (1) Notwithstanding anything contained in the last preceding section, the Government may order that there shall be concurrent audit of the accounts of the Corporation by such person as it thinks fit. The Government may also direct a special audit to be made by such person as it thinks fit of the accounts of the Corporation relating to any particular transaction or class or series of transactions or a particular period. (2) When an order is made under sub-section (1), the Corporation shall present or cause to be presented for audit all such accounts and shall furnish to the person, such information as the said person may require for the purpose of audit. CHAPTER – VII MISCELLANEOUSAND SUPPLEMENTARY PROVISIONS 21.Annual Reports - The Corporation shall prepare and submit to the Shareholders/ State Government, in such form as may be prescribed as per relevant Act, an annual report within six (6) months after the end of every financial year, of its activities during the previous financial year.