Chapter VII FUND OF COUNCIL

1. (1) The Council shall establish a fund to be called the Council Fund.
2. (2) The following shall form part of, or be paid into, the Council Fund,-
   • (a) any contribution or grant by Central or State Government ;
   • (b) all income of the Council from all sources including income from fees and fines ;
   • (c) all donations, endowments income or moneys from other grants, if any ;
   • (d) all other sums received by the Council.

The Council Fund shall be applied to the following objects, namely:-

1. (a) repayments of debts incurred by the Council for the purposes of this Act ;
2. (b) expenses of any suit or legal proceedings to which the Council is a party ;
3. (c) payment of salaries and allowances to the officers and employees of the Council ;
4. (d) payment of travelling and other allowances to the members of the Council ;
5. (e) payment of any expenses incurred by the Council in implementation of the provisions of this Act and the rules and regulations made thereunder.

1. (1) The accounts of the Council shall be audited before such date and at such intervals and in such manner, as may be prescribed.
2. (2) The accounts of the Council shall be audited by the registered Chartered Accountant. The audit fee of the Chartered Accountant shall be determined by the regulations.