Page 295 - The Motor Vehicles Act, 1988

RULE 8 THE CENTRAL MOTOR VEHICLES (MOTOR .......... FUND) RULES, 2022 211

(g) Power to frame rules, regulations and bye laws of the Trust;
(h) Requirement and mechanism for annual internal audit by one or more
properly qualified independent auditor(s) and their manner of
appointment;
(i) Requirement of maintenance of records and accounts of the Trust
Corpus;
(j) Power to amend the Trust Deed; and
(k) Dissolution of the Trust.
8. Maintenance of record, accounts and audit of Motor Vehicle Accident Fund
(1) The Trustees shall keep and maintain such documents, filings, books and
records in the interest of proper and transparent administration of the Trust and
in compliance with applicable laws in India.
(2) The Trustees shall give true and accurate accounts of all money received
and spent and all matters in respect thereof in the course of management of the
Motor Vehicle Accident Fund (Trust Corpus) or in relation to carrying out the
objectives of the Trust as well as all the assets and liabilities related to the Motor
Vehicle Accident Fund (Trust Corpus).
(3) Without prejudice to the generality of sub-rules (1) and (2), the Trustees
shall maintain proper accounts, including an Annual Statement of Accounts and
Balance Sheet of the Motor Vehicle Accident Fund and records with respect to—
(a) all sums of money received and expended and the matters in respect
of which the receipt and expenditure have taken place;
(b) the assets and liabilities of the Trust; and
(c) minutes of meetings of trustees.
(4) The books and statements of account maintained by the Trustees shall be
examined, audited and certified, every financial year, by one or more qualified
independent auditors, appointed by the Trustees.
(5) The Trustees shall prepare once every year, an annual report of the activities
of the Trust and a copy of the same, along with the copy of the audited accounts,
at the end of the financial year, shall be furnished to the Ministry of Road Transport
and Highways, not later than July, 31st of the same calendar year.
(6) The accounts of the Motor Vehicle Accident Fund (Trust Corpus) shall be
audited by the Comptroller and Auditor-General of India in accordance with sub-
section (8) of section 164B.
(7) The accounts of the Motor Vehicle Accident Fund, as certified by the
Comptroller and Auditor-General of India, together with the audit report, shall
be forwarded annually to the Central Government, which shall cause the same to
be laid before each House of the Parliament.