Funds of Council

Funds of Council.-

1. (1) There shall be a Fund established under the management and control of the Council.
2. (2) The Fund shall consist of-
   • (a) The Financial grant if any received from the State Government;
   • (b) Any sum received under this Act whether by way of fee or otherwise.
3. (3) The Council shall meet all expenses and liabilities incurred by it out of that fund.
4. (4) The Council shall keep proper accounts of the Fund distinguishing capital from revenue in such manner as may be prescribed.
5. (5) The annual accounts of the Council shall be subject to audit by an auditor to be appointed annually by the Council.
6. (6) 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.
7. (7) The funds standing in the credit of Council, which cannot immediately be utilised, shall be kept in fixed deposits in any bank specified in the Second Schedule to the Reserve Bank of India Act, 1934 and/or in any Government security or in any other security approved by the State or Central Government.