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CHAPTER-VI FINANCE

Authority Fund

22.    (1)     There shall be a fund to be known as the" Authority Fund" vested in the Authority which shall be utilized by the Authority to meet charges in connection with its functions under this Act including the payment of salaries and other remunerations to the Chairman and Members of the Authority and to its officers and servants.

          (2)     The Authority Fund shall consist of:-

       (a)             grants made by the Government.

       (b)             loans obtained from the Government.

       (c)     grant made by local bodies as required by the Government.

       (d)     “sale proceeds of bonds, debentures, commercial papers or other securities issued by the Authority”

   (dd)  “all sums, dividends, shares, bonds, debentures, commercial papers, securities or any other payments received from a company or companies specified in clause (b) of sub-section (5) of Section 8"  and

                   (e)     loans obtained by the Authority with the special or general sanction of the Government.

                  (f)     foreign aid and loans obtained from the International Bank for Reconstruction and Development or otherwise, with the sanction **[and under the guarantee of] and on such terms and conditions as may be approved by the Government and

                   (g)             all other sums received by the Authority.

Authority to be deemed to be a Local Authority (IX of 1914)

23.    (1)     The Authority shall be deemed to be a local Authority under the Local Authorities Loans Act, 1914 for the purpose of borrowing money under the said Act, and the making and execution of any scheme under this Act shall be deemed to be a work which such Authority is legally authorized to carry out.

          (2)     Any sum due to the Authority shall be recoverable as arrears of land revenues.

Limited Liability

24.    The liability of the Government to the creditors of the Authority shall be limited to the extent of grant made by the Government and the loans passed by the Authority with the sanction of the Government.

Rules for sale of power

25.    (1)     The Authority shall ordinarily sell power in bulk.

               (2)     The rates at which the Authority shall sell power shall be so fixed as to provide for meeting the operating costs, interest charges and depreciation of assets, the redemption at due time of loans other than those covered by depreciation, the payment of any takes and a reasonable return on investment.

Maintenance of Accounts

26.    The Authority shall maintain complete and accurate books of accounts in such form as may be prescribed by it.

Provided that separate accounts shall be maintained for all schemes and transaction relating to power.

Annual Statement of Accounts

27.    In the month of January each year, the Authority shall submit to the Government for approval a statement of the estimated receipts and expenditure in respect of the next financial year.

Audit

28.    The accounts of the Authority shall be audited every year by the Auditor- General of Pakistan in such manner as may be prescribed by the Government. Copies of the Audit Report shall be sent to the Authority, and with the comments of the Authority, to the Government and shall also be available for public inspection. The Authority shall carry out any directive issued by the Government for rectification of an audit objection.


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