Amendment status not verified — confirm the current text below against the official source.
(1) The Corporation may, from time to Corporation time, with the previous sanction of the State l°(ib°gu;^n-Government and subject to the provisions of this tee of loans. Act and to such conditions as may be prescribed in this behalf, borrow any sum from open market or from Bank or financial institution required for the purposes of this Act. (2) Rules made by the State Govern ment for the purposes of this section may em power the Corporation to borrow by the issue of bonds or stock or otherwise. (3) The maximum amount which the Corpo ration may at any time Rave on loan under sub section (lj shall be rupees fifty crores unless the State Government with the approval of the State Legislative Assembly, fixes higher maximum amount- : .. ... -• ' *1 (4) The State Government may guarantee in such manner as it thinks fit the payment of the principal and interest of any Ioan proposed to be raised by the Corporation or of either the principal or the intere st: Provided that the State Government shall, as long as any such guarantees are in force, lay before the State Legislative Assembly in every year during the first session of the State Legisla tive Assembly, a statement of the guarantees, if any, given during the current financial year and an up-to-date account of the total sum, if any, which have been paid out of or Into the State 54 THE ASSAM GAZETTE, EXTRAORDINARY VFB. 1 19S1 Revenues by reason of any such guarantees or paid in to the State Revenues towards repayment of any money so paid out. Depowte. 24 The Corporation may accept deposits on such terms and conditions as it deems fit from persons, authorities, or institutions, to whom allotment or sale of land, building or shed is made or is likely to be made in furtherance of the objects of this Act. «hCTrfundsn.d 25.(1) The Corporation shall make provisions for such reserve and other specially denominated funds as the State Government mav, from time to time, direct. .e (2) The management of the funds referred to in sub-section (1), the sums to be transferred from time to time to the credit therein and the application of money comprised therein shall be determined by the Corporation. <e> (3) The funds referred to in sub-section (1) shall not be utilised for any purpose other than that for which it was constituted without the previous approval of the State Government. Expenditure from funds. 26 (1) The Corporation shall Have the authority to spend such' sums as it thinks fit for the purposes authorised under this Act from out of the general fund of the Corporation referred to in Section 22 or from the reserve and other funds referred to in Section 26, as the case may be (2) Without prejudice to the generality of the power conferred by sub-section (1), the Corpora tion may contribute sums, as it thinks fit, towards expenditure incurred or to be incurred by any local authority or statutory public undertaking in the performance in relation to any of its indus trial and commercial estates or industrial areas, and growth centres, of any of the statutory func tions of such authority or undertaking, including expenditure incurred in the acqusition of land, THE ASSAM GAZETTE. EXTRAORDINARY, FEB. 14, 1991 55 (3) The Corporation shall have authority to advance loans, with or without security or inter est, to its employees on such terms as it deems fit. programme 2 7 - C1 ) T he Corporation shall, by such date of work, in each year as may be prescribed, prepare and submit to the State Government for approval an annual financial statement and the programme of work for the succeeding financial year. - - — - ’ (2) The annual financial statement shall show the estimated receipts and expenditure during the succeeding financial yea r in such form and detail as may be prescribed. (3) The Corporation shall be competent to make variations in the programme of work in the course of the year; provided that all such varia tions and reappropriations out of the sanctioned budget, are brought to the notice of the State Government. Accounts a ,d gg q ) The Corporation shall maintain books of accounts and other books in relation to its business and transaction in such form, and in such manner, as m ay be prescribed. .....................' ....................................... (2) The accounts of the Corporation shall be audited bv an auditor appointed by the State Government in consultation with the Controller and A uditor-General of India. (3) As soon as the accounts of the Corpora tion are audited the Corporation shall send a copy thereof together with the copy of the report of the auditor thereon to the State Government. (4) The State Government shall cause to be forwarded the accounts of the Corporation together with the audit report thereon to it un der sub-section (3) to be laid annually before the State Legislative Assembly. 55 7 HE ASSAM GAZETTE EXTRAORDINARY, FEB- 14, 1991 Concurrent and special audit of accounts. Application of Assam public pre mises (Evic tion of un authorised Occupants) Act, 1971. 29.(1) Notwithstanding anything contained in the last preceding section, the State Govern ment may, by order, direct that the re shall be concurrent audit 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 to a particu lar period. (2) When an order is made under sub-section (1), the Corporation shall present or cause to be presented for audit such accounts and shall fur nish to the person appointed under sub-section (1), such information as the said person nn; req uire for the purpose of audit. CHAPTER-V APPLICABILITY OF CERTAIN LAWS 9 30.(1) The State Government may, xx of 1976. by notification, provide that from such date as is stated therein, the Assam Pub lic Premises (Eviction of Unauthorised Occupants) Act, 1971, shall, subject to the provisions of sub-section (2). apply to the premises belonging to vesting in <5 or leased by the Corporation. ’ ■ ' ' ...’ .. "ATT... (2) On a notification being issued under sub-section (1), the aforesaid Act and the rules made the reunder shall ap ply to premises of the Corporation with the following modification, nam ely :— (a) the State Government shall ap point an officer of the Corpora tion who is holding or has held office whether under the Govern ment or the Corporation, which in the ooining of the State Go vernment. is not lower in rank than that of a Deputy Collector or an Executive Engineer, to be the Estate Officer for the purposes Ifi E ASSAM GAZETTE, EXTRAORDINARY. FEB. 14, 1991 57 of the aforesaid Act and one or more officers may be appointed as Estate Officers for different areas or for the same area ; (b) reference to 'pub lic premises” in that Act and those rules shall be deemed to be reference to premises of the Corporation and references to the '"State Govern ment” in sections 6, 13 and 15 A thereof shall be deemed to be references to the Corporation. Non-appii-