FUNCTIONS OF BOARD

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The functions of the Board shall be as follows; namely;

Functions of Board

(a)

To promote participation of al person in financing, construction, maintenance and operation of any project irrespective of its cost;

(b)

To advise the State Government, a Government agency or a specified Government agency on matters of policy in respect of participation referred to in clause (a);

©

To lay down priorities of projects to be taken by the State Government, a Government agency or a specified Government agency.

(d)

To consider the proposal for undertaking a project and the proposed concession agreement submitted to it and to recommend with or without modifications or not recommend a return the proposal and proposed concession agreement for reconsideration of the State Government, the Government agency or, as the case may be, the specified Government agency.

(e)

To illicit information relating to National and International Financial Institutions and to ensure co-operation of such Institutions.

(f)

To co-ordinate and monitor the projects undertaken in the State.

(g)

To assist in developing concepts of projects by undertaking pre-feasibility and feasibility studies of the project.

(h)

To undertake such project as may be entrusted to it by the State Government.

(i)

To perform such other functions as may be entrusted to it by the State Government.

CHAPTER – V
FINANCE, ACCOUTNS, AUDIT & ANNUAL REPORT

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(1)

The Board shall have its own fund.

Fund of Board

(2)

All sums which may, from time to time, be paid to the Board by the State Government or by any body and the amount charged by the Board under section 32 shall be carried to the fund of the Board and all payments shall be made therefrom.

(3)

The Board may spend such sums as it thinks fit for the performance of its functions under this Act, and such sums shall be treated as expenditure payable out; of the fund of the Board.

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(1)

The account of the Board shall be prepared and maintained in such form and in such manner as may be provided by regulations.

Accounts and Audit

(2)

The Board shall cause to be prepared for each financial year an annual statement of accounts in such form as may be provided by regulations.

(3)

The Accounts of the Board shall be audited by an auditor duly qualified to act as an auditor of the companies under section 226 of the Companies Act, 1956.

(4)

The Auditor shall send a copy of the report together with an audited copy of accounts to the Board which shall as soon as may be after the receipt of the audit report forward the same to the State Government.

(5)

The State Government shall cause the audit report together with audited copy of accounts to be laid before the State Legislature as soon as may be after the receipt of the same under sub-section (4).

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(1)

The Board shall during each financial year prepare in such form and at such time as may be provided by regulations, an annual report giving a true; and full account of its activities during the previous financial year and an account of the activities likely to be undertaken by it in current financial year and copies of such report shall be forwarded to the State Government.

Annual Report

(2)

The State Government shall cause every such report to be laid before the State Legislature as soon as may be after the receipt of the report under subsection (1).