24.The Central Government may, after due appropriation made by Parliament by law in
this behalf, pay to the Centre in each financial year such sums of money and in such manner
as it may think fit for being utilised for the purposes of this Act.
25. (1) The Centre shall maintain a Fund to which shall be credited,—
(a) all monies provided by the Central Government;
(b) all fees and other charges received during or in connection with the arbitration,
conciliation, mediation or other proceedings;
(c) all monies received by the Centre for the facilities provided by it to the
parties;
(d) all monies received by the Centre in the form of donations, grants,
contributions and income from other sources; and
(e) the amount received from the investment income.
(2) All monies credited to the Fund shall be deposited in such banks or invested in
such manner as may be decided by the Centre.
Chief
Executive
Officer.
Delegation of
powers.
Secretariat.
Grants by
Central
Government.
Fund of
Centre.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 9
(3) The Fund shall be applied towards meeting the salaries and other allowances of
Members and the expenses of the Centre including expenses incurred in the exercise of its
powers and discharge of its duties under this Act.
26. (1) The Centre shall maintain proper accounts and other relevant records and
prepare an annual statement of accounts, including the balance sheet, in such form and
manner as may be prescribed in consultation with the Comptroller and Auditor-General of
India.
(2) The accounts of the Centre shall be audited by the Comptroller and AuditorGeneral of India and any expenditure incurred by him in connection with such audit shall be
payable by the Centre to the Comptroller and Auditor-General of India.
(3) The Comptroller and Auditor-General of India and any person appointed by him in
connection with the audit of the accounts of the Centre shall have the same rights, privileges
and authority in connection with such audit as the Comptroller and Auditor-General of India
has in connection with the audit of the Government accounts, and, in particular, shall have
the right to demand the production of books, accounts, connected vouchers and other
documents and papers and to inspect the offices of the Centre.
(4) The accounts of the Centre as certified by the Comptroller and Auditor-General of
India or any other person appointed by him in this behalf together with the audit report
thereon shall be forwarded annually to the Central Government and the Central Government
shall cause the same to be laid before each House of Parliament.
27. The assets and liabilities in relation to any undertaking under this Act shall be
caused to be assessed by any agency authorised by the Comptroller and Auditor-General of
India in such manner as may be specified by him and any payment on a claim to be made in
relation thereto shall be settled by him between the Society and the Central Government and
shall be paid by the Society or the Central Government, as the case may be, in the manner as
may be specified by the Comptroller and Auditor-General of India.