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Section 20: Custody and investment of Board Fund.

The Jammu and Kashmir Board of School Education Act, 1975Union territory Act of Jammu and Kashmir · Act 28 of 1975

(1) All moneys at the credit of the Board Fund except permanent advance required to meet petty expenditure shall be kept in the current or Savings Bank Account with a Scheduled Bank :

Provided that nothing in this section shall be deemed to preclude the Board from investing any moneys belonging to the Board including any unapplied income in any of the approved securities or to place on fixed deposit in any Scheduled Bank, any portion of such moneys not required immediately for expenditure.

Explanation.–– In this sub-section, the expression ‘Scheduled Bank’ means a Bank included in the Second Schedule to the Reserve Bank of India Act, 1934.

(2) Subject to the direction of the Chairman, the accounts of the Board with a Bank shall be operated upon by the Secretary of the Board or by such other officer as may be authorised by the Chairman for the purpose.

Where this provision sits

ActThe Jammu and Kashmir Board of School Education Act, 1975
Section20
Marginal noteCustody and investment of Board Fund.
JurisdictionUnion territory of Jammu and Kashmir
StatusIn force as published by the source

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