Section 76 in The Waqf Act, 1995

Title: Mutawalli not to lend or borrow moneys without sanction

Description: (1) No mutawalli, Executive Officer or other person in charge of the administration of a 1[waqf] shall lend any money belonging to the 1[waqf] or any 1[waqf] property or borrow any money for the purposes of the 1[waqf] except with the previous sanction of the Board: Provided that no such sanction is necessary if there is an express provision in the deed of 1[waqf] for such borrowing or lending, as the case may be. (2) The Board may, while according sanction, specify any terms and conditions subject to which the person referred to in sub-section (1) is authorised by him to lend or borrow any money or lend any other 1[waqf] property. (3) Where any money is lent or borrowed, or other 1[waqf] property is lent in contravention of the provisions of this section, it shall be lawful for the Chief Executive Officer,-- (a) to recover an amount equal to the amount which has been so lent or borrowed, together with interest due thereon, from the personal funds of the person by whom such amount was lent or borrowed; (b) to recover the possession of the 1[waqf] property lent in contravention of the provisions of this Act, from the person to whom it was lent, or from persons who claim title to such property through the person to whom such property was lent. 1. Subs. by Act 27 of 2013, s. 4, for "wakf" (w.e.f. 1-11-2013).

Title: Waqf Fund

Description: 77. 1[Waqf] Fund.--(1) All moneys received or realised by the Board under this Act and all other moneys received as donations, benefactions or grants by the Board shall form a fund to be called the 1[Waqf] Fund. (2) All moneys received by the Board, as donations, benefactions and grants shall be deposited and accounted for under a separate sub-head. (3) Subject to any rules that may be made by the State Government in this behalf, the 1[Waqf] Fund shall be under the control of the Board, so, however, that the 1[Waqf] Fund under the control of common 1[Waqf] Board shall be subject to rules, if any, made in this behalf by the Central Government. (4) The 1[Waqf] Fund shall be applied to— (a) repayment of any loan incurred under section 75 and payment of interest thereon; (b) payment of the cost of audit of the 1[Waqf] Fund and the accounts of 2[auqaf]; (c) payment of the salary and allowances to the officers and staff of the Board; (d) payment of traveling allowances to the Chairperson, members, of the Board; (e) payment of all expenses incurred by the Board in the performance of the duties imposed, and the exercise of the powers conferred, by or under this Act; (f) payment of all expenses incurred by the Board for the discharge of any obligation imposed on it by or under any law for the time being in force. 3[(g) payment of maintenance to Muslim women as ordered by a court of competent jurisdiction under the provisions of the Muslim Women (Protection of Rights on Divorce) Act, 1986 (25 of 1986).] (5) If any balance remains after meeting the expenditure referred to in sub-section (4), the Board may use any portion of such balance for the preservation and protection of 4[waqf] properties or for such other purposes as it may deem fit. 1. Subs. by Act 27 of 2013, s. 4, for "wakf" (w.e.f. 1-11-2013). 2. Subs. by s. 4, ibid., for "wakfs" (w.e.f. 1-11-2013). 3. Ins. by Act 27 of 2013, s. 42 (w.e.f. 1-11-2013). 4. Subs. by s. 4, ibid., for "wakf" (w.e.f. 1-11-2013).

Title: Budget of Board

Description: (1) The Board shall in every year prepare, in such form and at such time as may be prescribed, a budget for the next financial year showing the estimated receipts and expenditure during that financial year and forward a copy of the same to the State Government. (2) On receipt of the budget forwarded to it under sub-section (1), the State Government shall examine the same and suggest such alterations, corrections or modifications to be made therein as it may think fit and forward such suggestions to the Board for its consideration. (3) On receipt of the suggestions from the State Government the Board may make written representations to that Government with regard to the alterations, corrections or modifications suggested by that Government and the State Government shall, after considering such representations, communicate, within a period of three weeks from the date of receipt thereof, to the Board its final decision in relation to the matter and the decision of the State Government shall be final. (4) On receipt of the decision of the State Government under sub-section (3), the Board shall incorporate in its budget all the alterations, corrections, modifications finally suggested by the State Government and the budget as so altered, corrected or modified, shall be the budget which shall be passed by the Board.

Title: Accounts of Board.

Description: The Board shall cause to be maintained such books of account and other books in relation to its accounts in such form and in such manner as may be provided by regulations.

Title: Audit of accounts of Board.

Description: (1) The accounts of the Board shall be audited and examined annually by such auditor as may be appointed by the State Government. (2) The auditor shall submit his report to the State Government and the report of the auditor shall, among other things, specify whether the accounts of every 1[waqf] under the direct management of the Board have been kept separately and whether such accounts have been audited annually by the State Examiner of Local Funds and shall also specify all cases of irregular, illegal or improper expenditure or of failure to recover money or other property caused by neglect or misconduct and any other matter which the auditor considers it necessary to report; and the report shall also contain the name of any person who, in the opinion of the auditor is responsible for such expenditure or failure and the auditor shall in every such case certify the amount of such expenditure or loss as due from such person. (3) The cost of the audit shall be paid from the 1[Waqf] Fund. 1. Subs. by s. 4, ibid., for "wakf" (w.e.f. 1-11-2013).