Constitution of the Council Fund

Fund and Audit

Constrtrr~ron of the Council I;irnd.-(I) There shall be a fund to be called 'tlie Council Fund' to be hcld by tlic Council in trusl for tllc purposcs of this Act and,--

1. (a) all revenues raised under tlie provisions of this Act :
2. (b) the loans realised by the Council with tlie approval of the Govern- ment ;
3. (c) the allocations made from thc Plan and Non-plan Budget ; and
4. (d) loans. advances and grants made b~ tlie Central or State Government ; shall be credited into tlic 'Council Fund'

1. (2) The Council Fund sliall be operated through tlie Government trcasunes.
2. (3) No payment shall be made out of tlic Council Fund unless such expenditure is cwered by the current Budget grant.
3. (4) The moneys credited to the fund shall be applied for paynient of all sums, charges and costs necessary for carrying out the purposes of this Act.
4. (5) The Government ma! makc n~les for ni~nagemcnt of the Council Fund and for the procedure to be follo\\ed in respect of p;~>ment of moneys into the said Fund, iv~tlidra\\als of nlonc\s tlicrcfron~. tlic custody of moneys therein and an! othcr ~nattcr incidental thereto or connected with or ancillary lo the matters aforcsa~d.
5. (6) The accounts of the Council sh:~ll bc kept in such form as may be prescribed.