Fund of Council

General200635 sections

Statutory text

(1) There shall be established a Fund, under the management and control of the Council, consist of all moneys received by the Council and out of which shall be met all expenses and liabilities properly incurred by the Council.
(2) The Council may invest any money for the time being standing to the credit of the Fund in any Government security or in any other security approved by the State Government.
(3) The Council shall keep proper accounts of the Fund distinguishing capital from revenue.
(4) The annual accounts of the Council shall be subject to audit by an auditor to be appointed annually by the Council.
(5) As soon as may be practicable at the end of each financial year, but not later than the thirtieth day of September of the year next following, the Council shall cause to be published in the Official Gazette, a copy of the audited accounts and the report of the Council for that year and copies of the said accounts and report shall be forwarded to the State Government.
(6) The Fund shall consist of--
- (a) all moneys received from the State Government by way of grant;
- (b) any sums received under this Act whether by way of fee or otherwise.
(7) All moneys standing at the credit of Council, which cannot immediately be applied, shall be deposited in any bank specified in the Second Schedule to the Reserve Bank of India Act, 1934.

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