(1) The Stipend Fund shall constitute an account head within the Trustee Committee Fund maintained under the Jharkhand Advocates Welfare Fund Act, 2012 which shall be opened and operated by the joint signatures of the Chairman of the Trustee Committee and the Chairman, Jharkhand State Bar Council.
(2) The amount payable under this scheme and all expenditure relating to the management and administration of the Fund shall be paid out of this stipend Fund.
(3) The accounts of the Stipend Fund shall be annually audited by the Chartered Accountant appointed by Bar Council and the report shall forthwith be placed before the Bar Council and the Trustee Committee for consideration. The audit report shall annually be published in J.B.C.J. and on the official website of Jharkhand State Bar Council for due information to the stakeholders.
(4) No cash withdrawal from the Stipend Fund shall be permissible, and all payments to the beneficiary young and newly enrolled advocates shall be through account to account transfer of entitlements.
(5) The Stipend Fund may be invested in profit making financial institutions or in government treasury bond with the approval of Bar Council, if felt necessary by the Trustee Committee.
5. Membership, Rate and Entitlement for Stipend (I) Any young and newly enrolled Advocate who has been enrolled below the age of 40 years and who plans to pursue regular practice may apply for stipend to be paid by the Trustee Committee from the Stipend Fund.
(II) The Stipend shall be payable to such young advocates who are newly enrolled with Jharkhand State Bar Council for a maximum of three years or till the age of forty years whichever is earlier (III) The stipend shall be paid to the eligible advocates @ Rs one thousand per month which amount may be revised from time to time by the Trustee Committee in consultation with the State Bar Council with due regard to availability of fund and the number of applicants