Amendment status not verified — confirm the current text below against the official source.
(1) The accounts of the Board shall be subject to audit under the State Local Fund Audit Act or by a Certified Chartered Accountant. (2) The Board may make arrangement for internal audit of accounts, as it may deem fit. (3) The annual accounts and balance sheet of the Board shall be prepared by the Managing Director and all moneys accruing to or received by the Board from whatever source and all amounts disbursed or paid shall be entered in the accounts. (4) At the time of audit the Managing Director shall cause to be produced all accounts, registers, documents and other relevant papers which may be called for by the audit officer for the purposes of the audit. Any explanation called for by such officer for the removal of any discrepancy shall be immediately furnished to him. -41- Delegation Powers. Supervision and control of Cheirmen / Chief Executive. Functions and Powers of the Managing Director Conduct of Business of the Board (5) The accounts when audited shall be printed. The copies of accounts and audit . report with comments thereon shall be placed before the Board. (6) All moneys received into the 'The State (Marketing Development Fund' shall be deposited in a cooperative Bank or if such bank does not exist at the headquarter of the Board in Post Office Saving Bank or with the permission of Director/ Managing Director in Scheduled Bank. of