Section 43. Constitution of Local Biodiversity Fund

43. Constitution of Local Biodiversity Fund. —(1) There shall be constituted a Fund to be called the Local Biodiversity Fund at every area notified by the State Government where any institution of self-government is functioning and there shall be credited thereto— Local Biodiversity Fund at every area notified by the State Government where any institution of (a) any grants and loans made under section 42; (b) any grants or loans made by the National Biodiversity Authority; (c) any grants or loans made by the State Biodiversity Boards; (d) fees referred to in sub-section (3) of section 41 received by the Biodiversity Management Committees; 3 [(e) benefit sharing amount and all other sums received by the Local Biodiversity Fund from such other sources as may be decided by the State Government.] 4[44. Application of Local Biodiversity Fund. — (1) The Local Biodiversity Fund shall be utilised in accordance with the regulations and the guidelines made in this behalf, for— (a) the conservation and promotion of biodiversity including restoration of areas falling within the jurisdiction of concerned local body; (b) the socio-economic development of the community without compromising the conservation concerns; and (c) the administrative expenses of the Biodiversity Management Committee. (2) The Fund shall be utilised in such manner as may be prescribed by the State Government.] 1. Subs. by Act 10 of 2023, s. 30, for "and knowledge associated with such resources" (w.e.f. 1-4-2024). 2. Ins. by s. 30, ibid. (w.e.f. 1-4-2024). 3. Subs. by s. 31, ibid ., for clause (e) (w.e.f. 1-4-2024). 4. Subs. by s. 32, ibid ., for section 44 (w.e.f. 1-4-2024). 1[45. Annual statement of Biodiversity Management Committees. — 45. The custodian of the Local Biodiversity Fund shall prepare, in such form and during each financial year at such time as may be prescribed by the State Government, its annual statement giving a full account of its activities during the previous financial year, and submit the same to the local body concerned with a copy to the State Biodiversity Board.] 2[46. Audit of accounts of Biodiversity Management Committees. — (1) The Biodiversity Management Committee shall maintain the accounts which shall be audited in such manner as may be prescribed by the State Government. (2) The Biodiversity Management Committee shall furnish to the local body concerned and to the State Biodiversity Board, before such date as may be prescribed by the State Government, its audited copy of accounts together with auditor's report thereon.]