(1) There shall be constituted a Fund to be known as the "Board Constitution Fund" to which shall be credited — of the Board Fund.•
(a) all fees received by the Board and all endowments, donations, grants or contributions made to it by the State Government or by any other Government, person, body or authority ; and
(b) all moneys received from any other source.
(2) All moneys at the credit of the Board shall be kept in the State Bank of India or such other bank as the State Government may specify ;
Provided that the Board may invest such moneys, as are not required by it for immediate expenditure, in any of the Government securities or place thern in fixed deposit in any bank approved by the State Government.
(3) Subject to the provisions of this Act, the Board Fund may be applied for purposes of payment of the charges and expenses connected with or incidental to the several matters specified in this Act and the regulations made thereunder and for any other purpose for which by or under this Act powers are conferred or duties imposed on the Board.
(4) The annual net savings shall be used by the Board for the development of school education and raising the standards thereof and for such other educational purposes as the State Government may direct.
(5) The accounts of the Board shall be audited annually by such agencY and on payment of such fees as may be specified by the State Government and a copy of the annual audited accounts and balance -sheet shall be submitted by the Board to the State Government within a period of six months from the close of the financial year.
16. (/) The State Government shall have the power to make a reference CO r t r O i of to the Board with reg ard to any matter of policy or in respect of any act St_te done by it in contravention of the provisions of this Act or the regulations Governmont made thereunder. over Board.
10 HARYANA GOVT GAZ. (EXTRA.), PEBRUARY 26, 1960 (PHALGUNA 7, 1890 SAK A)
(2) The Board shall report to the State Government such action, if any, as is proposed to be taken or has been taken on any such referenc:.
(3) If the Board fails within a reasonable time tD take action on such reference to the satisfaction of the State Government, it may, after considering any explanation furnished by the Board, issue such directions consistent with this Act, as the State Government may think fit, and the Board shall comply with such directions.
(4) If at any time the State Government is of the opinion that the Board is not competent to perform, or persistently make; default in the performance of, the duties imposed on it by or under this Act or the regulations made thereunder or exceeds ,or abuses its powers, the State Government may, by notification and after giving an opportunity to the Board to show cause why such an order should not be made, supersede the Board for such period a, the State Government may think fit : •
Provided that such period shall in no case exceed one year in the aggregate.
• (5) When the Board is- superseded under sub -section (4), the following consequence i shall ensue, namely
(a) all members of the Board and its Committees, including the Chairman of the Board and the Vice -Chairman of the Board.
shall, from the date Of the notification, vacate their office ;
(b) all powers, duties and functions, which under the provisions o r this Act or any regulation made thereunder, are to be exercised by the Board or any committee thereof or by the Chairman of the Board or by any other officer of the Board, shall, during th:
period of supersession, be exercised and prform:d by such person (to be called the administrator) as may b: appointed by th :
• State Government In this behalf :
Provided that the administrator may, subject to the control of the State Government, delegate any of his powers, duties or functions - to such other person as he may think fit ;
(c) all properties, including the Board Fund, vested in the Board shall, until it is reconstituted, vest in the State Government.
(6) The State Government shall cause steps to be taken to reconstitute the Board in accordance with the provisions of this Act so as to enable it to start functioning immediately on the expiry of the period of supersession
(7) Whenever any action is taken by the State Government under subsection (3) or sub -section (4), a report thereof alongwith reasons therefor shall, as soon as may be, be laid on the table of' the House of the State Legislature.