Amendment status not verified — confirm the current text below against the official source.
(I j All Sinking Funds established under (his Acl shall be subjeel to annual examination by the auditors appointed under seciion 160 who shall ascertain whether lhe cash and the value of securities belonging there lo arc equal lo lhc amount which should be al lhe crcdii of such funds had ihe investment under section 147 been regularly made and had the interest accruing on account of such investments heen regularly obtained. (2) The amount which should be at the credit of a Sinking Fund shall be calculated on ihe basis of llie sums credited to such fund under sub-section (I) of section 145. (3) The value of securities belonging io a Sinking Fund shall be their current value, unless such securities become due for redemption al par wither above their face value before maturity in which case llieir current value shall be laken as tlieir redemption value, except in lhe ease of llie debentures issued by lhe Corporation which shall always be valued at par with their face value, provided thai the Corporalion shall make good immediately any loss owing to lhe sale of such debentures for repayment of the loan raised under sub-section (1) of scclion 134. (4) The Corporation shall forthwith pay into a Sinking Fund such amount as the auditors appointed under seciion 160 may certify to be dellcii in respeci of such fund, unless the Stale Governincnt specially sanctions a gradual readjustment of such deficit. (5) If the cash and llie value oflhe securities at the credii of a Sinking Fund arc in exccss of the amount which should be at ils credit, the auditors appointed under seciion 160 shall certify the amount of such excess sum. and ihe Corporation shall thereupon transfer Lhe excess sum to the Municipal Fund in the General Accouni, (6) If any dispute arises as Lo lhe accuracy of any deficit or excess referred Lo in ihe certificate under sub-seelion (4) ur sub-scclion (5). lhc Corporation may, afier payment of such deficit or after transfer of such excess, as the case may he, refer ihe matter to Lhe Stale Government whose decision thereon shall he final. 646 The Kolkaia Municipal Corporation Acl, 1980. [West Ben. Act Attach i nun! of Municipal Fund for sveuriua payment into Sinking Fund amounts ui be kepi. Audit of nccoums by lhis Chief Municipal Autlilor. Powuror till! Corporaiion lu borrow money I'rom IhcSlatt; Govern men! and attachment of Munici pal h'uml for [V.:;>U'i v of SUetl MKllie)'. I Pan HI.—Finance.—Chapter X.—Loans.—Sections 153, 154- Chaptcr XI.—Accounls and Audit.—Sections 155, 156J 153, (1) The Corporation may borrow money from the Stale Governmem for carrying out the purposes of lhis Acl oiher lhan ihose referred io in clauses (a) io (g) of sub-section (1) of section 134, on such terms and conditions as lhe Stale Government may determine, (2) !f any money borrowed by lhe Corporation from ihe Slate Government before the commencement of lhis Aci or under sub-section (I) is nol repaid, or any inlcresi due in respect (hereof is nol paid, according io the lerms and conditions of such borrowing, lhe Stale Government may attach lhe Municipal Fund or any portion thereof (3) Afler such attachment an officer appointed in this tielialf by the State Government shall deal with the fund so attached or the portion thereof in such manner as he thinks fit and may do all acts in respeel thereof which any municipal authority or an officer or employee of the Corporation might have done under ihis Act if such attachment had not taken place and may apply such fund or ihe portion (hereof, as lhe case may be, for pay mem of (he arrear and ihe interest due, in respect of such borrowing and of all expenses incurred on account of the attachment and subsequent proceedings: Provided lhal no such attachment shall defeat or prejudice any dcbi for lhe recovery of which the fund was previously charged under any law in force for lhe lime being and all such prior dcbl shall be paid oui of the Fund before any part thereof is applied for repayment of the money borrowed.