Section 18 in The Kalakshetra Foundation Act, 1993

Title: Powers and functions of Finance Committee

Description: The Finance Committee shall— (i) scrutinise the annual statement of accounts and budget estimates of the Foundation prepared by the Director and make recommendations to the Governing Board; (ii) prescribe the limits of the recurring and non-recurring expenditure of the Foundation for each financial year; (iii) review the financial position of the Foundation from time to time and have an internal audit conducted; and (iv) perform such other functions as may be prescribed.

Title: Appointment and duties of Director

Description: (1) The Central Government shall, by notification, appoint a Director who shall be the principal executive officer of the Foundation and who shall be responsible for the proper administration of the affairs of the Foundation and its day-to-day management and shall exercise such other powers and perform such other duties as may be assigned to him by the Governing Board. (2) The Director shall prepare the annual statement of accounts and budget estimates of the Foundation for scrutiny by the Finance Committee. (3) The Director shall be a whole time employee of the Foundation and shall be entitled to such salary and allowances out of the Fund and shall be subject to such conditions of service in respect of leave, pension, provident fund and other matters, as may be prescribed.

Title: Transfer of service of existing employees

Description: On and from the appointed day, every officer or other employee, employed immediately before the appointed day in connection with the affairs of Kalakshetra shall become an officer or other employee of the Foundation and shall hold office by the same tenure and remuneration and on the same terms and conditions as to pension, gratuity and other matters as he would have held under the Board of Trustees or any other body, in whatever, capacity, if this Act had not been passed and shall continue to do so, unless and until his employment in the Foundation is terminated or until his tenure, remuneration and other terms and conditions are duly altered by the Foundation: Provided that the tenure, remuneration and other terms and conditions of service of any such officer or employee shall not be altered to his disadvantage without the previous approval of the Central Government.

Title: Grants by Central Government to the Foundation

Description: For the purpose of enabling the Foundation to discharge its functions efficiently under this Act, the Central Government may, after due appropriation made by Parliament by law in this behalf, pay to the Foundation in each financial year, such sums of money, on such terms and conditions as that Government may determine, by way of grant, loan or otherwise.

Title: Fund of the Foundation

Description: (1) The Foundation shall have its own Fund; and all sums which may, from time to time, be paid to it by the Central Government and all receipts of the Foundation (including any sum to which the State Government or any other authority or person may pay to the Foundation) shall be credited to the Fund and all payments by the Foundation shall be made therefrom. (2) All moneys belonging to the Fund shall be deposited in such banks or invested in such manner as may, subject to the approval of the Central Government, be decided by the Governing Board. (3) The Foundation may spend such sums as it may think fit for performing its functions under this Act, and such sums shall be treated as expenditure payable out of the Fund of the Foundation.