(1) There shall be constituted a Fund to be called the Betwa River Board Fund and there shall be credited thereto the sums paid to the Board by the Governments of Madhya Pradesh and Uttar Pradesh and all other sums received by the Board.
(2) The Fund shall be applied-
(a) For meeting the salaries, allowances and other remuneration of the officers and other employees of the Board and other administrative expenses of the Board;
(b) For meeting the expenditure on surveys and investigations undertaken by the Board;
(c) For meeting the cost of construction of the 1*[Rajghat Dam, the Rajghat Power House and appurtenant works];
(d) For meeting the other expenses of the Board in the discharge of its functions under this Act.
The Board shall prepare in such form and at such time each year as may be prescribed its budget for the next financial year showing the estimated expenditure, the amount of expenditure which the State Governments of Madhya Pradesh and Uttar Pradesh have under taken to provide for and forward the same to the Central Government and the said State Governments.
(1) The Board shall prepare in such form and at such time each year as may be prescribed its annual report giving a full account of its activities during the previous year and forward copies thereof to the Central Government and that Government shall cause the same to be laid before each House of Parliament.
(2) The Board shall forward copies of its annual reports to the Governments of Madhya Pradesh and Uttar Pradesh.
The accounts of the Board shall be maintained and audited in such manner as may, in consultation with the Comptroller and Auditor-General of India, be prescribed.
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