Section 154 in Greater Hyderabad Municipal Corporation Act, 1955
154. Annual examination of sinking funds.
(1)All sinking funds established under this Act shall be subject to annual examination by the Accountant General, [***] [The word 'Hyderabad' was omitted by the Andhra Pradesh Adaptation of Laws Order, 1957.] who shall ascertain whether the cash and the value of the securities belonging thereto are actually equal to the amount which should be at the credit of such funds had investments been regularly made and had the rate of interest as originally estimated been obtained therefrom.(2)The amount which should be at the credit of a sinking fund shall be calculated on the basis of the present value of all future payments required to be made to such fund under the provisions of this Act, on the assumption that all investments are regularly made and the rate of interest as originally estimated is obtained therefrom.(3)The securities belonging to a sinking fund shall be valued for the purposes of this section at their current market value, except in the case of debentures issued under this Act which shall always be valued at par, provided that the Corporation shall make good immediately any loss which may accrue on the actual sale of such debentures at the time of the repayment of the loan.(4)The Corporation shall forthwith pay into any sinking fund any amount which the Accountant General, [***] [ The word 'Hyderabad State' were omitted by the Andhra Pradesh Adaptation of Laws Order, 1957.] may certify to be deficient, unless the Government specially sanctions a gradual readjustment.(5)If the cash and the value of the securities at the credit of any sinking fund are in excess of the amount which should be at its credit, the Accountant General, [***] [ The word 'Hyderabad State' were omitted by the Andhra Pradesh Adaptation of Laws Order, 1957.] shall certify the amount of such excess sum and the Corporation may thereupon transfer the excess sum to the municipal fund.(6)If any dispute arises as to the accuracy of any certificate made by the Accountant General, [***] [ The word 'Hyderabad State' were omitted by the Andhra Pradesh Adaptation of Laws Order, 1957.] under sub-section (4) or (5) the Corporation may, after making the payment or transfer, as the case may be, refer the matter to the Government whose decision shall be final.
