Power of Board to borrow

The Board may, with the previous sanction of the State Government, borrow from the Government or from such other financial institutions, such amount as it may consider necessary for carrying out the purposes of this Act. (1) Where the Fund or any portion thereof cannot be applied at an early date for fulfilling the objects of the Act, the Board may invest the same in any of the securities specified in clause (a) to (d) and (f) of section 20 of the Indian Trusts Act, 1882. (2) The Board may place or keep in current account with the State Bank of India or any corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, such part of the Fund as may be prescribed. (3) All moneys forming part of the Fund shall be vested in the Board and shall be applied by it in its own name. Where the Fund or any portion thereof cannot be applied at any time to the purposes of this Act, the Board may invest the same in purchasing the savings certificates or deposit it in Post Office Saving Bank or in any account with Scheduled Bank or in investing in Government securities. The Board may with the approval of the State Government, also invest it in any other mode of investment. (1) The Welfare commissioner shall cause the budget estimates for each financial year to be prepared and laid before the Board on or before the first day of December of the Finnancial year next preceding for its acceptance and thereafter the budget estimates as accepted by the Board shall be forwarded to the State Government on or before 30th December.(2) The State government may amend, modify or alter the stimates submitted for its approval under sub-rule (1) in any respect or manner it may deem fit and shall return the same with its approval with or without amendment, modification or alteration, within thirty days of the receipt of the budget estimates.(3) the budget estimate approved by the State government under sub-rule (2) shall constitute the budget of the board for the financial year and shall, be issued under the seal of the board and signed by the Chairman, the Welfare Commissioner and the Secretary. An authentic copy of the budget shall be forwarded to the State Government before the end of February.