Deposit of Fund and placing of accounts and audit report before State Legislature

(1) All moneys and receipts forming part of the Fund shall, with the previous sanction of the Government, be deposited in the State Bank of India constituted under the State Bank of India Act, 1955 (Central Act 23 of 1955) or in any subsidiary bank within the meaning of clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (Central Act 38 of 1959) or in any corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 4 of 1970), or in any District Co-operative Bank or in the Treasury Savings Bank, and such account shall be operated upon by such officers of the Board as may be authorised by the Board and in such manner as may be prescribed. (2) The Accounts of the Board as certified by the auditor, together with the audit report thereon, shall be forwarded yearly to the Government and the Government may issue such instructions to the Board in respect thereof as they deem fit and the Board shall comply with such instructions. (3) The Government shall cause the accounts of the Board together with the audit report thereon forwarded to them under sub-section (2) to be laid yearly before the Legislative Assembly of the State.