Funds, borrowing and investment

Funds, borrowing and investment.-

1. (1) The Trustee committee may, may, with the prior approval of the Government and the Bar Council borrow, from time to time, any sum required for carrying out the purposes of the Act.
2. (2) The Trustee Committee shall deposit all money and receipts forming part of the fund in any Schedule Bank or invest the same in loan to any Corporation owned or controlled by the Central Government or the State Government or in loans floated by the Central Government or the State Government or in any other manner as the Trustee Committee may, from time to time, decide with the prior approval if the Government.
3. (3) All amounts due and payable under this Act and all expenditure relating to the management and administration of the Fund shall be paid out of the Fund.
4. (4) The accounts of the Trustee Committee shall be audited annually by a Chartered Accountant appointed by the Bar Council.
5. (5) The accounts of the trustee Committee as certified by the auditor, together with the audit report thereon, shall be forwarded to the Bar Council which may issue such directions as it deems fit to the Trustee Committee in respect thereof.
6. (6) The Trustee Committee shall comply- cum – Treasurer.- The Secretary- cum- Treasurer of the Trustee Committee shall-
   • (a) be the Chief Executive Authority of the Trustee Committee and responsible for carrying out its decisions;
   • (b) represent the Trustee Committee in all suits and proceedings for and against the Committee;
   • (c) authenticate by his signature all decisions and instructions of the Trustee Committee;
   • (d) Operate the bank accounts of the trustee Committee jointly with the Chairman [...............hindi...............]
   • (e) convene meetings of the Trustee Committee and prepare its minute;
   • (f) attend the meetings of the Trustee Committee with all the necessary records and information;
   • (g) Maintain such forms, register and other records as may be prescribed from time to time and do all correspondence relating to the Trustee Committee;
   • (h) Prepare an annual statement of business transacted by the Trustee Committee during each financial year; and
     • (i) do such other acts as may be directed by the Administrative Department or by the Trustee Committee or its Chairman and the Bar Council.