Borrowing and investment of Funds

Civil199927 sections

Statutory text

(1) The Committee may, with the prior approval of the Bar Council, borrow, from time to time, any sum required for carrying out the purposes of this Act.
(2) The Committee shall deposit all moneys and receipts forming part of the Fund in any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 or invest the same in loans to any corporation owned or controlled by the Central Government or the State Government or in loans floated by the Central Government or the State Government or in any other manner as the Bar Council may, from time to time, direct with the prior approval of the Government.
(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) The accounts of the Committee shall be audited annually by a Chartered Accountant appointed by the Committee.
(5) The accounts, as certified by the auditor together with the audit report thereon, shall be forwarded to the Bar Council by the Committee and the Bar Council may issue such directions as it deems fit to the Committee in respect thereof.
(6) The Committee shall comply with the directions issued by the Bar Council under sub-section (5).

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