Funds, borrowing and investment

Funds, borrowing and investment. -

1. (1) The Committee may, with the prior approval of the State Government borrow from time to time, any sum required for carrying out the purposes of this Act.
2. (2) The Committee shall deposit all moneys and receipts forming part of the Fund in any Scheduled Bank or invest the same in loans in any corporation owned or controlled by the Central Government or in loans floated by the Central Government or the State Government.
3. (3) All amounts due and payable under this Act and all expenditure relating to the management and administration of the Fund shall be paid out of the Fund.
4. (4) The accounts of the Committee shall be audited annually by a Chartered Accountant appointed by the State Government.
5. (5) The accounts of the Committee, as certified by the auditor, together with the audit report thereon, shall be forwarded to the State Government by the Committee, and the State Government may issue such directions as it deems fit to the Committee in respect thereof.
6. (6) The Committee shall comply with the directions issued by the State Government under Sub-section (5).