Borrowing and investment of Funds.

Civil198729 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 purpose of this Act. 1[(2) The Committee shall deposit all moneys and receipts of forming part of the Fund in Nationalised Banks.]
(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 and books maintained by the 2[Welfare Fund Committee] shall be audited annually by a Chartered Accountant appointed by 2[the said 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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