Section 5 in Jharkhand Industrial Area Development Authority Regulations, 2016
5. Treatment of Funds.
- i. All money received by the Authority by way of fees, fines, levy charges, grants, loans etc. shall be credited to the Authority's account/fund as per prevailing accounting norms and all expenditure incurred by the Authority shall be paid out of the respective fund.ii. The Managing Director shall operate the funds of the Authority and no money shall be paid from the funds of the Authority except on an order to pay is passed by the Managing Director.iii. Provided that the Managing Director may delegate this power to any other officer of the Authority, who shall exercise such powers under general guidance and supervision of the Managing Director and subject to such financial limit and restriction that may be imposed by the Managing Director.iv. The Authority shall keep proper books of accounts with respect to:-(a)All receipts of money and expenditure by the Authority and the details in respect of which the receipt and expenditures have taken place.(b)All sales and goods of the Authority, and,(c)All assets and liabilities of the Authority.v. The books of accounts of the Authority shall be open for inspection by the members of the Authority/Board of Directors during office hours.vi. The books of accounts of the Authority shall be kept in the office of the Authority in safe custody of the person entrusted with the responsibility for the purpose.vii. Within four months of the close of each financial year, profit and loss account and balance sheet prepared for the concerned at the end of the financial year shall be laid by the Managing Director before the Authority/Board of Directors.viii. Every balance sheet and profit and loss account shall be approved by the Authority/Board of Directors and after approval of the same, a copy each of balance sheet and profit and loss account shall be sent to the State Government together with an annual report about the activities and affairs of the Authority.Chapter - VI
