Incorporation of Board

(1) For carrying out the purpose of this Act, the Government shall, as soon as possible, after the commencement of this Act, by a notification in the official gazette, establish a Board to be called “The Punjab Khadi and Village Industries Board”. (2) The Board shall be a body corporate having perpetual succession and a commom seal and may sue and be sued in its corporate name and shall be competent to acquire and hold and dispose of property both movable and immovable and to contract and do all things necessary for the purposes of this Act. (a) The Board shall receive requisite funds for implementing the various schemes and under section 20 of the Act and deposit the same in the Bank. (b) Payments by or on behalf of the Board shall be made in cash or by cheques drawn against the current account of the Board. (c) The cheques and all orders for making investments or withdrawal of the same, or for the disposal in any other manner of the funds of the Board shall be signed by the Secretary Provided the transaction does not exceed Rs. 5,000/- in each case and where the amount exceeds, this will be countersigned by any member of the Board specially authorised by the Chairman in writing to do so. (d) Placing of money in fixed deposits and investment thereof and the disposal of such money if so placed or invested shall require the prior approval of the Board. Provided that the moneys received from the Commission shall be placed in fixed deposit in a bank with the prior approval of the Chairman. (a) The Board shall receive requisite funds for implementing the various schemes and under section 20 of the Act and deposit the same in the Bank. (b) Payments by or on behalf of the Board shall be made in cash or by cheques drawn against the current account of the Board. (c) The cheques and all orders for making investments or withdrawal of the same, or for the disposal in any other manner of the funds of the Board shall be signed by the Secretary; Provided the transaction does not exceed Rs. 5,000/- in each case and where the amount exceeds, this will be countersigned by any member of the Board specially authorised by the Chairman in writing to do so. (d) Placing of money in fixed deposits and investment thereof and the disposal of such money if so placed or invested shall require the prior approval of the Board. Provided that the moneys received from the Commission shall be placed in fixed deposit in a bank with the prior approval of the Chairman.