Section 80 in West Bengal Municipal Corporation Act, 2006
80. Annual examination of Sinking Fund.
(1)All Sinking Funds established under this Act shall be subject to annual examination by the auditors appointed under suction 87, who shall ascertain whether the cash and the value of the securities belonging thereto are equal to the amount which should be at the credit of such funds had investments under section 77 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 (1) of section 77.(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 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 section 71.(4)The Corporation shall forthwith pay into any Sinking Fund such amount as the auditors appointed under section 87 may certify to be deficit unless the State Government specially sanctions a gradual readjustment of such deficit in respect of such fund.(5)If the cash and the value of the securities at the credit of any Sinking Fund are in excess of the amount that should be at its credit, the auditors appointed under section 87 shall certify the amount Of such excess sum and the Corporation may, thereupon, transfer the excess sum to the Municipal Fund in the General Account.(6)if any dispute arises as to the accuracy of any amount certified to the deficit or excess under sub-section (4) or sub-section (5), as the case may be, the Corporation may, after payment of such deficit or after transfer of such excess, a the case may be, refer the matter to the State Government whose decision thereon shall be final.
