Management Fund and its utilization

General201853 sections11 chapters

Chapter VI FUNDS OF THE TEMPLE TRUST

Statutory text

(1) There shall be constituted a separate fund to be called the Management Fund which shall vest in, and be under the control of, the Committee.
(2) Having regard to the balance, if any, available in the Management Fund, there shall be placed to the credit of this Fund, every year, such sum, not exceeding twenty per cent of the gross annual income of the Trust in the last preceding year, as may be fixed by the Committee, with the approval of the State Government. The State Government may, at any time, if found necessary, direct any additional sum to be credited to this Fund from the Trust Fund in any year.
(3) The Management Fund shall, subject to any general or special order of the State Government, be applied to —
- (a) the payment of travelling and daily allowances to the Chairman, Vice-Chairman and Treasurer and other members of the Committee and the outsider members of the sub-committee constituted under the Act;
- (b) the payment of salaries and allowances of the Executive Officer and other officers and employees of the Committee and honorarium to thesevekaris;
- (c) the payment of any expenses lawfully incurred by the Committee or by any office bearer or member or officer or employee, in the exercise of their powers and performance of their duties and functions under this Act.
(4) The Management Fund shall be operated in same manner as the Trust Fund is operated under sub-section
(4) of section 28.

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