The concerned departments of the Central Government shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including the profit and loss account and the balance sheet in respect of allocations of their shares of a fund in such form, as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India.

The Authority shall be a body corporate by the aforesaid having perpetual succession and a common seal, with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract and shall by the said name sue and be used.

The motor vehicles Act, of 1939 (4 of 1939), consolidates and amends the law relating to motor vehicles. This has been amended several times to keep it up to date. The need was, however, felt that this Act should, now inter alia, take into account also changes in the road transport technology, the pattern of passenger and freight movements, developments, of the road network in the country, and particularly the improved techniques in the motor vehicles management.