Section 8 in The Bihar Industrial Area Development Authority Act, 1974
8. Budget.
(1)The Authority shall prepare a budget every year in respect of the financial year ensuing showing the estimated receipts and expenditures of the Authority and shall forward to the State Government such number of copies thereof as may be prescribed by Rules and the State Government may issue any directive as may be considered expedient for the purpose of this Act.(1a)[ The Authority shall be competent to make variations in the programme of work in the course of the year, provided that all such variations and re-appropriations out of the sanctioned budget are brought to the notice of the State Government by a Supplementary Financial Statement.(1b)The State Government shall, make available such grants, subventions, loans and advances to the Authority as it may deem necessary for the performance of the functions of the Authority under this Act; and all grants, subventions, loans and advances made shall be on such terms and conditions as the State Government may prescribe.] [Inserted by Bihar Act No. 7 of 2018, dated 4.6.2018.](2)The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including a balance sheet.(3)The accounts of the Authority shall be subject to audit annually by the Accountant General, Bihar, and any expenditure incurred by him in connection with such audit shall be payable by the Authority to the Accountant General, Bihar. The Accountant-General shall have all the privileges and Authority in connection with audit of the accounts of the Authority as he is entitled to in connection with audit of the Government accounts.(4)The accounts of the Authority as certified by the Accountant General, Bihar, or any other person appointed by him in this behalf together with the audit report shall be forwarded every year to the State Government along with an annual report.(5)[ The Authority shall submit to the State Government an annual report giving a true and full account of its activities, policies and programmes during the previous financial year and forward looking statements in the form prescribed in the Rules within 90 days after the end of each financial year.] [Added by Bihar Act No. 7 of 2018, dated 4.6.2018.]
