Deposit of fund and placing of accounts and audit report before State

Legislature.— (1) All moneys and receipts forming part of the Fund shall be deposited in the State Bank of India or any corresponding new Bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970) or the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (Central Act 40 of 1980) and such account shall be operated upon by such officers of the Board as may be authorised by the Board and in such manner, as may be prescribed.

1. (2) The accounts of the Board, as certified by the auditor, together with the audit report thereon shall be forwarded yearly to the Government and the Government may issue such instructions to the Board in respect thereof as they deem fit and the Board shall comply with such instructions.
2. (3) The Government shall—
   • (a) cause the accounts of the Board together with the audit report thereon forwarded to them under sub-section (2) to be laid yearly before the Legislature; and
   • (b) cause the accounts of the Board to be published in the prescribed manner and make available copies thereof for sale at a reasonable price.