(1)All Sinking Funds constituted under this Act, shall be subject to annual examination of Audit Authority, who shall ascertain whether the cash and the value of securities belonging thereto, are equal to the amount, which should be at the credit of such Funds, had the investment under section 148 been regularly made and had the interest accruing on account of such investment been regularly obtained.(2)The Municipal Corporation or the Municipal Council or the Nagar Panchayat, as the case may be, shall forthwith, pay into the Sinking Fund such amount, as the Audit Authority may certify to be a deficit in respect of such Fund, unless the Government specially sanctions a gradual re-adjustment of such deficit.(3)If the cash and the value of the securities at the credit of a Sinking Fund are in excess of the amount, which should be at its credit, the Audit Authority shall certify the amount of such excess sum and the Municipal Corporation or the Municipal Council or the Nagar Panchayat, as the case may be, shall thereupon, transfer the excess sum to the Municipal Fund of the Municipality.(4)If any dispute arises as to accuracy of any deficit or excess referred to in the certificate under sub-section (2) or sub-section (3), the Municipal Corporation or the Municipal Council or the Nagar Panchayat, as the case may be, may after payment of such deficit or after transfer of such excess, as the case may be, refer the matter to the Government whose decision thereon shall be final.
