Borrowing and investment

(1) The trust ee c ommittee may, with the prior approval of the Stat e Government and the Bar Council, borrow from time to time any sum required for c arrying out the purposes of this Act.

1. (2) The trust ee committee shall deposit all moneys and rec eipts forming part of the Fund in any scheduled bank or invest the same in loans to any corporation owned or controlled by the Central Government or the St at e Government or in loans floated by the Central Government or the State Government or in any other manner as the Bar Council may, from time to time direct with the prior approval of the Stat e Government.
2. (3) All amounts due and payable under this Act and all expenditure

relating t o the managem ent and administration of the Fund

1[ and all

¹ Inserted by Act 21 of 1993 w.e.f. 02.04.1997

expenditure relating to supply of W elfare Fund stamps] shall be paid out of the Fund.

1985: KAR. ACT 2] Advocates Welfare Fund

1. (4) The accounts of the trustee committee shall be audited annually by a

chart ered accountant appointed by the Bar Council.

1. (5) The accounts of the trustee committee, as certified by the auditor, together with the audit reports thereon, shall be forwarded to the Bar Council by the trustee committee and the Bar Council may issue such directions as it deems fit to the trust ee c ommittee in respect thereof.
2. (6) The trustee committee shall comply with the directions issued by the