Section 26 in The New Delhi International Arbitration Centre Act 2019

Title: Accounts and audit

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

Title: Assessment of assets and liabilities of undertaking

Description: The assets and liabilities in relation to any undertaking under this Act shall be caused to be assessed by any agency authorised by the Comptroller and Auditor-General of India in such manner as may be specified by him and any payment on a claim to be made in relation thereto shall be settled by him between the Society and the Central Government and shall be paid by the Society or the Central Government, as the case may be, in the manner as may be specified by the Comptroller and Auditor-General of India.

Title: Chamber of Arbitration

Description: (1) The Centre shall, establish a Chamber of Arbitration which shall empanel the Arbitrators and also scrutinise the applications for admission in the panel of reputed arbitrators to maintain a permanent panel of arbitrators. (2) The Chamber of Arbitration shall consist of experienced arbitration practitioners of repute, at national and international level and persons having wide experience in the area of alternative dispute resolution and conciliation. (3) The Centre shall by regulations lay down the criteria for admission to the panel of the cadre so as to maintain a pool of reputed arbitrators having expertise in international commercial arbitration and arbitration other than international commercial arbitration. (4) The Registrar to the Secretariat of the Centre shall act as the Member-Secretary to the Chamber of Arbitration.

Title: Arbitration Academy

Description: (1) The Centre may establish an Arbitration Academy--- (a) to train the arbitrators, particularly in the area of international commercial arbitration to compete on par with the reputed international arbitral institutions; (b) to conduct research in the area of alternative dispute resolution and allied areas; and (c) to give suggestions for achieving the objectives of the Act. (2) For the purposes of sub-section (1), there may be constituted a permanent three member committee in order to suggest and to submit a report to the Centre with respect to the amendments, if any, necessary to the rules and regulations made under this Act.

Title:  Power to make rules

Description: (1) The Central Government may, by notification, make rules to carry out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may make provision for. (a) the terms and conditions and the salaries and allowances payable to the Chairperson and Full-time Members under sub-section (2) of section 6; (b) the travelling and other allowances payable to the Part-time Members under sub-section (4) of section 6; (c) the composition and functions of the Committees referred to in sub-section (2) of section 19; (d) the number of officers and employees of the Secretariat of the Centre under clause (c) of sub-section (1) of section 23; (e) the qualifications, experience, method of selection and the functions of the Registrar, Counsel and other officers and employees of the Centre under sub-section (2) of section 23; (f) annual statement of accounts, including the balance sheet under sub-section (1) of section 26; and (g) any other matter in respect of which provision is to be made or may be made under this Act.