Section 152 in The Calcutta Municipal Corporation Act, 1980
152. Annual examination of Sinking Funds. -
(1)All Sinking funds established under this Act shall be subject to annual examination by the auditors appointed under section 160 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 147 been regularly made and had the interest accruing on account of such investments been regularly obtained.(2)The amount which should be at the credit of a Sinking Fund shall be calculated on the basis of the sums credited to such fund under sub-section (I) of section 145.(3)The value of securities belonging to a Sinking Fund shall be their current value, unless such securities become due for redemption at par with or above their face value before maturity in which case their current value shall be taken as their redemption value, except in the case of the debentures issued by the Corporation which shall always be valued at par with their face value, provided that the Corporation shall make good immediately any loss owing to the sale of such debentures for repayment of the loan raised under sub-section (1) of section 134.(4)The Corporation shall forthwith pay into a Sinking Fund such amount as the auditors appointed under section 160 may certify to be deficit in respect of such fund, unless the State Government specially sanctions a gradual readjustment of such deficit.(5)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 auditors appointed under section 160 shall certify the amount of such excess sum, and the Corporation shall thereupon transfer the excess sum to the Municipal Fund in the General Account.(6)If any dispute arises as to the accuracy of any deficit or excess referred to in the certificate under sub-section (4) or sub-section (5), the Corporation may, after payment of such deficit or after transfer of such excess, as the case may be, refer the matter to the State Government whose decision thereon shall be final.
