Section 20 in The Kalakshetra Foundation Act, 1993

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.

Title: Budget

Description: The Foundation shall prepare, in such form and at such time each year, as may be prescribed, the budget in respect of the financial year next ensuring showing the estimated receipts and expenditure, and copies thereof shall be forwarded to the Central Government.

Title: Accounts and audit of the Foundation

Description: (1) The Foundation shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance sheet in such form as may be approved by the Comptroller and Auditor-General of India. (2) The accounts of the Foundation shall be audited by the Comptroller and Auditor-General of India and any expenditure incurred by him in connection with such audit shall be payable by the Foundation 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 Foundation 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 office of the Foundation. (4) The accounts of the Foundation as certified by the Comptroller and Auditor-General of India or any person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament.