Section 118Annual examination of sinking funds

s. 118

118. Annual examination of sinking funds (1) The said sinking funds shall be subject to annual examination by the [Auditor-General], who shall ascertain whether the cash and the current value of the securities at credit of such funds are actually equal to the amount which would have accumulated, had investments been regularly made and had the rate of interest as originally estimated been obtained therefrom. The [Auditor-General] may take into consideration any excess accumulation in any one sinking fund towards any deficiency in any other sinking fund. (2) The Kartripakkha shall forthwith pay into any sinking fund any amount which the [Auditor-General] may certify to be deficient, unless the Government specially sanction a gradual readjustment.

1. 60. The word “Auditor-General” was substituted for the word “Accountant-General” by section 33 of the Town Improvement (Amendment) Act, 1987 (Act No. XXIX of 1987)
2. 61. The word “Auditor-General” was substituted for the word “Accountant-General” by section 33 of the Town Improvement (Amendment) Act, 1987 (Act No. XXIX of 1987)