44. (1) There shall be a fund to be known as the “Chittagong Development Authority Fund” (hereinafter referred to as the Fund) vested in the Authority which shall be utilised by the Authority to meet charges in connection with its functions under this Ordinance including the payment of salaries and other remuneration to the Chairman, Members and Officers and of the other employees of the Authority. (2) The said Fund shall consist of-(a) contribution of the Corporation under section 45;(b) grant made by Government;(c) loans obtained from Government;(d) loans obtained by the Authority with special or general sanction of the Government under section 46;(e) foreign aid and loan obtained from the Development Loan Fund, with the sanction of, and on such terms and condition as may be approved by Government; and(f) proceeds of the betterment fee levied under section 77; water rate, conservancy rate or any other rate levied by the Authority under the provisions of this Ordinance, with the sanction of the Government;(g) all other sums received by the Authority.

45. (1) The ²[Corporation] shall pay from the ³[Corporation Fund] to the Authority on the first day of each quarter, so long as the Authority continue to exist, a sum equivalent to one-half per cent per quarter on the annual value determined under Chapter V of the ⁴[Chittagong City Corporation Ordinance, 1982 (Ord. No. XXXV of 1982)] as it stood on the first day of the last preceding quarter: Provided that if this Ordinance is directed to come into force during a quarter, the amount of the first of such payments shall bear such proportion to the sum payable hereunder as the unexpired portion of that quarter bears to the whole quarter. (2) The payments prescribed by sub-section (1) shall be made in priority to all other payments due from the ⁵[Corporation].

46. The Authority may from time to time borrow, at such rate of interest, and for such period, and upon such terms, as to the time and method of repayment and otherwise, as the Government may approve, any sum necessary for the purpose of-(a) meeting expenditure debitable to the capital account under section 59, or(b) repaying any loan previously taken under this Ordinance.

47. 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 Ordinance shall be deemed to be a work which such Authority is legally authorised to carry out.

48. When any sum of money has been borrowed under section 46 for the purpose of meeting particular expenditure or repaying a particular loan, no portion thereof shall be applied to any other purpose without the previous sanction of the Government.

49. The liability of the Government to the creditors of the Authority shall be limited to the extent of grants made by the Government and the loan raised by the Authority with the sanction of the Government.

50. All payments due from the Authority for interest on, or the repayment of loans, shall be made in priority to all other payments due from the authority.

51. (1) The Authority shall, before three months of the expiry of the financial year, submit to the Government, for approval, a statement of estimated receipts and expenditure in respect of the next financial year: Provided that the first estimate of receipts and expenditure of the Authority shall be prepared as soon as may be expedient after the establishment of the Authority. (2) Every estimate prepared under sub-section (1) shall differentiate capital and revenue funds and shall be prepared in such form and shall contain such details as the Government may from time to time direct. (3) On its receipt the budget estimate will be examined by the Government who shall approve it with or without modification and communicate its approval to the Authority before the commencement of the next financial year.

52. The Authority may, at any time during the financial year for which an estimate has been sanctioned, cause a supplementary estimate to be prepared and submitted to the Government.

53. (1) No sums shall be expended by or on behalf of the Authority unless the expenditure of the same is covered by a current budget grant or can be met by reappropriation or by drawing on the closing balance. (2) The closing balance shall not be reduced below such sums as may be fixed by the Government in this behalf, without the previous sanction of the Government. (3) The following items shall be excepted from the provisions of sub-sections (1) and (2), namely-(a) repayments of moneys belonging to contractors or other persons and held in deposit, and of moneys collected by, or credited to, the Authority by mistake;(b) payments due under a decree or order of a Court passed against the Authority or, against the Chairman, ex-officio;(c) sums payable under a compromise of any suit or other legal proceedings;(d) sums payable under this Ordinance by way of compensation;(e) payments required to meet some pressing emergency; and(f) gratuitous payments up to a maximum of five hundred taka. (4) Whenever any sum exceeding five thousand taka is expended under clause (e) of sub-section (3) or whenever any sum is expended under clause (f) of that sub-section, the Chairman shall forthwith report the circumstances to the Government, and shall at the same time explain how the Authority propose to cover the expenditure.

54. (1) All moneys at the credit of the Authority shall be kept in the ⁶[Bangladesh Bank], or any other Bank approved by the Government in this behalf. (2) All moneys payable to the Authority shall be received by the Chairman and shall forthwith be paid into the aforesaid Bank to the credit of any account which shall be styled “The Account of the Chittagong Development Authority”.

55. (1) No payment shall be made by the Bank out of the account referred to in section 54 except upon a cheque. (2) Payment of any sum due by the Authority exceeding one hundred taka in amount shall be made by means of a cheque and not in any other manner.

56. All cheques referred to in section 55 must be signed by the Chairman and the Secretary of the Authority, or in absence of either the Chairman or the Secretary, by the Secretary or Chairman, and a Member.

57. The Authority shall maintain complete and accurate books of accounts in such form as may be prescribed. There shall be kept a capital account and a revenue account. The capital account shall show separately all expenditure incurred by the Authority on each improvement, development and re-housing scheme.

58. There shall be credited to the capital account-(a) such proportion of grants by Government under clause (b) of sub-section (2) of section 44, as may be fixed by the Government from time to time;(b) loans obtained from Government; (c) loans obtained by the Authority with special or general sanction of the Government;(d) foreign aid and loans obtained from the Development Loan Fund;(e) the proceeds of the sale of any land vested in the Authority which was purchased out of any loan;(f) the proceeds of the sale of any movable property (including securities for money invested from the capital account) belonging to the Authority;(g) any other sum which the Government may direct to be credited to the capital account.

59. The moneys credited to the capital account shall be held by the Authority in trust, and shall be applied to-(a) meeting all costs of framing and executing improvement, development and re-housing schemes;(b) meeting the cost of acquiring land for carrying out any of the purposes of this Ordinance;(c) meeting the cost of constructing buildings required for carrying out any of the purposes of this Ordinance; (d) the repayment of loans from money borrowed in pursuance of clauses (c), (d) and (e) of sub-section (2) of section 44;(e) making, or contributing towards the cost of making, surveys in pursuance of section 42;(f) meeting such proportion of the cost of management as the Authority may, with the sanction of the Government, fix in this behalf; and(g) temporarily making good the deficit (if any) in the revenue account at the end of any financial year.

60. There shall be credited to the revenue account-(a) contribution of the Corporation under section 45;(b) such proportion of grants made by Government under clause (b) of sub-section (2) of section 44, as may be fixed by the Government from time to time;(c) proceeds of any improvement or betterment levy, water rate, conservancy rate or any other rate levied by the Authority with the sanction of Government under clause (f) of sub-section (2) of section 44;(d) all interest received by the Authority;(e) all damages received by the Authority;(f) all annually recurring sums received from the Government in aid of the funds of the Authority;(g) all premia received by the Authority in connection with leases;(h) all rents of land and buildings vested in the Authority; and(i) any other sums which the Government may direct to be credited to the revenue account.

61. The moneys credited to the revenue account shall be held by the Authority in trust, and shall be applied to-(a) meeting all charges for interest due on account of any loan taken in pursuance of clauses (c), (d) or (e) of sub-section (2) of section 44 and all other charges incurred in connection with such loans;(b) paying all sums due from the Authority in respect of rates and taxes imposed under the ⁷[Chittagong City Corporation Ordinance, 1982 (Ord. No. XXXV of 1982)], upon land vested in the Authority;(c) paying the cost (if any) of maintaining a separate Establishment for the collection of the rents and other proceeds of land vested in the Authority;(d) paying all sums which the Government may direct to be paid to an auditor under section 69;(e) making payments in pursuance of section 94 for compensation or for expenses of maintenance of works; and(f) paying the cost of management. Explanation.- The expression “cost of management” means-(a) the salary and allowances of the Chairman and fees of the Members of the Authority;(b) all fees and allowances paid for attendance at meeting;(c) the salaries, fees and allowances of, and the contributions paid under the proviso to section 18 in respect of employees of the Authority appointed under that section; except employees who are paid by the day or whose pay is charged to temporary work; and(d) all office expenses incurred by the Authority. Explanation.- “Office expenses” means expenses incurred for carrying on office work, and includes the rent of offices, the provision of furniture therefore, the charges for printing and stationery and any other incidental expenses necessary for the efficient working of an office.

62. (1) Notwithstanding anything contained in section 61, the Authority may advance any sum standing at the credit of the revenue account for the purpose of meeting capital expenditure. (2) Every such advance shall be refunded to the revenue account as soon as may be practicable.

63. (1) Any deficit in the revenue account at the end of any financial year may be made good by an advance from the capital account. (2) Every such advance shall be refunded to the capital account in the following financial year.

64. (1) The Authority shall submit to the Government at the end of each half of every financial year, an abstract of the accounts of their receipts and expenditures.

65. (1) The Authority shall submit to the Government, as soon as possible but within three months after the end of every financial year, a report on the conduct of its affairs for that year. (2) The Government may require the Authority to furnish-(a) any return, statement, estimate, statistics or other information regarding any matter under the control of the Authority, or(b) a report on any such matter, or(c) a copy of any document in the charge of the Authority;and the Authority shall comply with every such requisition.

66. The Authority shall have power to realise its dues from any person under the ⁸[* * *] Public Demands Recovery Act, 1913, as a public demand.

67. The accounts of the Authority shall, once in every financial year, be examined and audited by such Auditor as the Government may appoint in this behalf.

68. The Auditor so appointed may,-(a) by written summons, require the production before him of any document which he may consider necessary for the proper conduct of the audit;(b) by written summons, require any person having the custody or control of, or being accountable for, any such document to appear in person before him; and(c) require any person so appearing before him to make and sign a declaration with respect to any such document to answer any questions, or to prepare and submit any statement.

69. The Authority shall pay to the said Auditor such remuneration as the Government may direct.

70. The Auditor shall-(a) report to the Authority any material impropriety or irregularity which he may observe in the expenditure, or in the recovery of moneys due to the Authority, or in the accounts, and report the same to the Government;(b) furnish to the Authority such information as they may, from time to time, require concerning the progress on his audit; and(c) soon after the completion of his audit, forward his report upon the accounts to the Chairman.

71. It shall be the duty of the Authority forthwith to remedy any defects or irregularities that may be pointed out by the Auditor.

72. The Chairman shall furnish each Member a copy of the report mentioned in clause (c) of section 70 and shall bring such report before the Authority for consideration at their next meeting.

73. As soon as practicable after the receipt of the said report, the Authority shall prepare an abstract of the accounts to which it relates, and shall publish such abstract by notification, and shall send a copy of the abstract to the ⁹[Mayor of the Corporation] and to the Government.