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| Home > Indian Bare Acts > THE INDUSTRIAL RECONSTRUCTION BANK OF INDIA ACT, 1984 > CHAPTER VII GENERAL FUND, ACCOUNTS AND AUDIT |
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| THE INDUSTRIAL RECONSTRUCTION BANK OF INDIA ACT, 1984 |
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Title : THE INDUSTRIAL RECONSTRUCTION BANK OF INDIA ACT, 1984
Year : 1984
Act :
CHAPTER VII
GENERAL FUND, ACCOUNTS AND AUDIT
31.General Fund.
31. General Fund.- All receipts of the Reconstruction Bank other than those which are to be credited to the Reconstruction Assistance
Fund under this Act shall be credited to a Fund to be called the
General Fund and all payments by the Reconstruction Bank, other than those which are to be debited to the Reconstruction Assistance Fund, shall be made out of the General Fund.
32.Preparation of accounts and balance-sheet.
32. Preparation of accounts and balance-sheet.- (1) The balance-
sheet and accounts of the Reconstruction Bank shall be prepared in such form and manner as may be provided for in the regulations.
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1. Subs. by Act 66 of 1988, s. 48, for "each year" (w.e.f. 30-12-1988).
2. Ins. by s. 48, ibid. (w.e.f. 30-12-1988).
568.(2) The Board shall cause the books and accounts of the
Reconstruction Bank to be closed and balanced as on the 30th day of
June 1*[or such other date in each year as the Central Government may, by notification in the Official Gazette, specify:]
2*[Provided that with a view to facilitating the transition from one period of accounting to another period of accounting under this sub-section, the Central Government may, by order published in the
Official Gazette, make such provisions as it considers necessary or expedient for the closing and balancing of, or for other matters relating to, the books or accounts in respect of the concerned years.]
33.Disposal of profits accruing to General Fund.
33. Disposal of profits accruing to General Fund.- (1) The
Reconstruction Bank may establish a reserve fund to which may be transferred such sums as that Bank may deem fit out of the annual profits accruing to the General Fund.
(2) After making provision for bad and doubtful debts, depreciation of assets and for all other matters for which provision is necessary or expedient or which is usually provided for by bankers and for the reserve fund referred to in sub-section (1), the
Reconstruction Bank shall transfer the balance of the net profits to the Central Government.
34.Audit.
34. Audit.- (1) The accounts of the Reconstruction Bank shall be audited by auditors duly qualified to act as auditors under sub-
section (1) of section 226 of the Companies Act, 1956 (1 of 1956) who shall be appointed by the Central Government for such term and on such remuneration as the Central Government may fix.
(2) The auditors shall be supplied with a copy of the annual balance-sheet of the Reconstruction Bank and it shall be their duty to examine it together with the accounts and vouchers relating thereto and they shall have a list delivered to them of all books kept by the
Reconstruction Bank and shall at all reasonable times have access to the books, accounts, vouchers and other documents of the
Reconstruction Bank.
(3) The auditors may, in relation to such accounts, examine any director or any officer or other employee of the Reconstruction Bank and shall be entitled to require from the Board or officers or other employees of the Reconstruction Bank such information and explanation as they may think necessary for the performance of their duties.
(4) The auditors shall make a report to the Reconstruction Bank upon the annual balance-sheet and accounts examined by them and in every such report they shall state whether in their opinion the balance-sheet is a full and fair balance-sheet containing all necessary particulars and properly drawn up so as to exhibit a true and fair view of the state of affairs of the Reconstruction Bank and in case they had called for any explanation or information from the
Board or any officer or other employee of the Reconstruction Bank whether it has been given and whether it is satisfactory.
(5) The Reconstruction Bank shall furnish to the Central
Government within four months from the date on which its accounts are closed and balanced a copy of its balance-sheet and accounts together with a copy of the auditors report and a report of the working of the
Reconstruction Bank during the relevant year, and the Central
Government shall as soon as may be after they are received by it, cause the same to be laid before each House of Parliament.
(6) Without prejudice to anything contained in the preceding sub-
sections, the Central Government may at any time appoint the
Comptroller and Auditor-General of India to examine and report upon the accounts of the Reconstruction Bank and any expenditure incurred by him in connection with such examination and report shall be payable by the Reconstruction Bank to the Comptroller and Auditor-General of
India.
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1. Subs. by Act 66 of 1988, s. 49, for "each year" (w.e.f.
30-12-1988)
2. Ins. by s. 49, ibid. (w.e.f. 30-12-1988).
569.35.Saving.
35. Saving.- Save as otherwise provided in sub-section (4) of section 29, nothing contained in this Chapter shall apply to the
Reconstruction Assistance Fund.
CHAP
SPECIAL POWERS OF THE RECONSTRUCTION BANK
Last updated on February, 2008
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