Finances of the fund

(1) There shall be established a fund under the management and control of the Executive Committee into which shall be paid all monies. (Including donations and grants etc.) received by the fund and out of which shall be met all expenses including any payments or grants made and liabilities incurred by the fund. (2) The fund will raise funds from the various sources, including donations and contributions from individuals, public and private institutions, trusts, bodies corporate, and both Union and State Government. (3) The Executive Committee may invest any money for the time being standing to the credit of the fund in fixed deposits with the nationalized banks. (4) The Executive committee by a resolution passed by simple majority authorizes spending of moneys, limited to two thirds of its total receipts, on works/ activities consistent with the aims and objects of the fund in such manner as it deems fit and proper. (5) The annual accounts of the fund shall be subject to audit by a Chartered Accountant in practice within the meaning of the Chartered Accountant Act, 1949 to be appointed annually by the Executive committee. (6) As soon as may be practicable after the end of each year, but not later than the 30th day of September of the year next following, the Executive committee shall cause to be published in the Gazette of Uttarakhand a copy of the audited accounts and the report of the Executive committee for that year and copies of the said accounts and report shall be forwarded to the State Government and to all the members of the Fund. (7) The bank accounts of the fund shall be opened with the State bank of India Main Branch, Dehradun and Haridwar, which shall be operated jointly by the Joint Secretary and the Treasurer of the Fund.