Borrowing and investment of Fund.

Civil201526 sections

Statutory text

(1) The Committee may, with the priorapproval of the Bar Council, borrow, from time to time, any sum required for carrying out thepurposes of this Act.
(2) The Committee shall deposit all moneys and receipts forming part of the Fund in anyScheduled Bank as defined under the Reserve Bank of India Act, 1934 or invest the same in loansto any Corporation owned or controlled by the Central Government or the State Government or inany other manner as the Bar Council may, from time to time, direct with prior approval of theGovernment.
(3) All amount due and payable under this Act and all expenditure relating to themanagement and administration of the Fund shall be paid out of the Fund.
(4) The accounts of the Committee shall be audited annually by a Chartered Accountantappointed by the Committee.
(5) The accounts, as certified by the auditor together with the audit report thereon, shall beforwarded to the Bar Council by the Committee and the Bar Council may issue such directions as itdeems fit to the Committee in respect thereof.
(6) The Committee shall comply with the directions issued by the Bar Council under subsection(5).

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