Amendment status not verified — confirm the current text below against the official source.
Ie rd' et' Ie e, 22 Ig ar Ie :t. e e ." e h y n )r 7 y .e 0 '"' '1 1 ~j . . Ct.{APTERV Fina.nce~.~co~~t$,.Auditand Reports The Administrator may pay to the Board,in each financial year, such sums by way of grants of advances as he may consider necessary for the pertormance of the functions of the Board under this Act. The bOard may, from ti~e to time, with the previous sandion of the Administrator and subject to the provisions of this Act-and such conditions as he may determine, borrow any sum requiredforthepur.poses of Act. Provided that the previous sanction of the Administrator shall not be necessary to borrow any sum from the Commission. (1) The Board shall have two separate funds known as the' khadi fund and the- village industries. fund and all the receipts obtained by the. Board from time to time by way of grants. donations, gins. advances or loans for the purpose of khadi or village industries shall be credited to the khadi fund or as the case may be. the village industries fund and all payments by the Board for or in respect of khadi or village industries shall be made from the appropriate fund . (2) The Board may accept grants. donations and gifts from the Central Government or the Government of a State or Union territory or any local authority or anybody or association whether incorporated or not or any individual for all or any of the purposes of this Act. (3) If at any time the amount available in either of the two funds referred to in sub-section (1) is in excess of the requirements of that fund and the amount available in the other fund is insufficient to meet the requirements of that fund, the Board may. with the previous approval of the Administrator. transfer from the first mentioned fund the excess amount or such part there of as may be necessary to the other fund. 11 Payment to the Board Borrowing power of the Board. Funds of the Board. Explanation :- For ~he purposes of computing the amount available i.A either of the funds, the amounts accepted under sub-section (2) shall not be taken into account" :.:. (4) All moneys belonging to the Board shall be deposited with the State Bank of India or a subsidiary bank or where there is no office of State Bank of India or subsidiary bank, in a Government Treasury or be invested in such securities as may be approved by the Central Government. (5) The accounts of the Boards shall be operated upon by such officers jointly or individually as may be authorised by the Board. Subject to the provisions of section 25, the Board shall have power to spend such sums a~ it thinks fit on purposesautnorised by this Act. Provided that nothing in this section shall be deemed to prevent the Board from spending, with the previous approval of the Administrator, such moneys as it thinks fit on any such purpose outside the union territory ofTripura. _. All properties, funds and other.assets of the Board . . shall be held and applied byIt subject to the provisions, and for the purposes of this Act. (1) The Board shall, by such date in each year as may be prescribed prepare and submit to the Administrator for approval two separate budgets in the prescribed form for the next financial year, to be called the khadi budget and the village industries budget, Showings the estimated receipts and expenditure in respect of khadi and village industries respectively during that financial year and the Board shall forward copies otthe budgets to the Commission for information and remarks, if any. (2)SUbj~ct to the provisions of sub-sections (3) and (4), no sum shall be expended by or on behalf .."... '..\;;:" ~.ofthe Board unless such expenditure is covered by ra specific provision in the budget approved by the Administrator. Applications