Section 95 of The Bengal Waterways Act, 1934 — Annual statements by Trustees

Download PDF

Bare section text

Official Legislative Text

95.

(1)The aforesaid trustees shall, at the end of every financial year, transmit to the Chairman a statement showing,
1. (a)the amount which has been invested during the year under section 93,
2. (b)the date of the last investment made previous to the transmission of the statement,
3. (c)the aggregate amount of the securities held by them,
4. (d)the aggregate amount which has, up to the date of the statement, been applied under section 94 in or towards repaying loans, and
5. (e)the aggregate amount already paid into each sinking fund.
(2)Every such statement shall be laid before the Board and published by notification.

Educational Study Layer

Summary

Sinking fund trustees must send a written financial statement to the Chairman at the end of every financial year.
The statement must contain five specific pieces of information: the amount invested during the year, the date of the last investment, the total value of securities held, the total money applied to repay loans, and the total money paid into each sinking fund.
The Chairman is required to lay this annual statement before the Board of Trustees for review.
The annual statement must be officially published by notification.

Practical examples

1At the end of the financial year on March 31, the Secretary to the Government of West Bengal in the Finance Department and the Accountant-General of West Bengal compile the annual statement. They send it to the Chairman, who places it before the Board at their next meeting and publishes it in the official gazette.

2The Board's Trustees want to know how much sinking fund money has been used to repay loans. They consult the latest annual statement published under Section 95, which shows that 80,000 rupees have been applied to repaying loans up to that date.

FAQ

1. Who must prepare and send the annual statement of sinking funds under Section 95 of the Act?

The joint trustees of the sinking funds, who are the Finance Secretary of West Bengal and the Accountant-General of West Bengal, must prepare and send the statement under Section 95.

2. To whom is the annual statement of sinking funds sent under Section 95 of the Act?

The statement is sent directly to the Chairman of the Board under Section 95.

3. What must the Chairman do with the sinking fund statement under Section 95 of the Act?

The Chairman must lay the statement before the Board of Trustees and publish it by notification.

4. What specific details must be included in the annual statement under Section 95 of the Act?

The statement must show the amount invested during the year, the date of the last investment, the aggregate securities held, the total amount applied to repay loans, and the total amount paid into each sinking fund.

Practice Quiz

Q1.At what point in time must the sinking fund trustees transmit their statement to the Chairman under Section 95 of the Act?

Q2.Which of the following is NOT required to be included in the annual statement under Section 95(1) of the Act?

Q3.What are the two actions that must be taken after the Chairman receives the annual statement from the sinking fund trustees under Section 95(2) of the Act?

Q4.Under Section 95(1)(d) of the Act, what cumulative repayment figure must be included in the annual statement?

94PreviousSection 94 Application of sinking fund 96NextSection 96 Annual examination of sinking funds

←Section 94 Section 96→