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16. Application of the Shipping Development Fund.- (1) The Fund shall vest in the Committee and shall be applied towards meeting the expenses of the Committee and for granting loans and financial assistance in any other form to persons of the description mentioned in section 21 for acquisition and maintenance of ships.

(2) The Committee shall not grant any loan or give any financial assistance to any person referred to in sub-section (1) except on such terms and conditions as the Central Government may from time to time specify.

(3) The Committee shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as the Central Government may, in consultation with the Comptroller and Auditor-General of India, prescribe.

(4) The accounts of the Committee shall be audited by the Comptroller and Auditor-General of India or a person authorised by him in this behalf at such intervals as the Comptroller and Auditor-General of India may specify and any expenditure incurred in connection with such audit shall be payable by the Committee.

(5) The Comptroller and Auditor-General of India and any person authorised by him in connection with the audit of the accounts of the Committee 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 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 any office of the Committee.

(6) The accounts of the Committee as certified by the Comptroller and Auditor-General of India or any person authorised by him in this behalf, together with the audit report thereon, shall be forwarded to the Central Government and that Government shall cause the same to be allied before each House of Parliament.

 

 

 

 

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