114. Adherence to estimate, and maintenance of closing balance. -
(1)No sum shall be expended by or on behalf of the Board unless the expenditure of the same is covered by a current budget-grant or can be met by re-appropriation or by drawing on the closing balance.(2)The closing balance shall not be reduced below one lakh of rupee without the previous sanction of the [State Government] [Words substituted by the Adaptation of Laws Order, 1950.].(3)The following items shall be excepted from the provisions of subsections (1) and (2), namely: -(a)re-payments of moneys belonging to contractors, or other persons and held in deposit, and of moneys collected by, or credited to, the Board by mistake ;(b)payments due under a decree or order of a Court passed against the Board or against the Chairman ex-officio, or under an award of the Tribunal;(c)sums payable under a compromise of any suit or other legal proceeding or claim effected under section 154;(d)sums payable under this Act by way of compensation; and(e)payments required to meet some pressing emergency.(4)Whenever any sum exceeding five thousand rupees is expended under clause (e) of sub-section (3), the Chairman shall forthwith report the circumstances to the [State Government] [Words substituted by the Adaptation of Laws Order, 1950.], and shall at the same time explain how the Board propose to cover the expenditure.Banking and Investments.
