(1) The Board shall, while applying to the Government for sanction to raise loans for the purpose of giving effect to the provisions of the wakf Act furnish all particulars and information about every item or expenditure for which a specific amount is needed as a loan, source from which the loan is proposed to be taken, rate of interest period of repayment and likewise.
(2) If the State Government is satisfied that the demand of loan by the Board and that the terms and conditions are acceptable, it may approve the procurement of the loan on such terms and conditions as it may deam fit.
59. Payment of money into wakf fund and investment etc of such money U/s 77 of the Act-
(1) The Board shall authorize any of its officers (hereinafter referred to as the authorized officer) to receive all payments to be made to the wakf Fund and to pass all vouchers for the same on behalf of the board and to make the payments on behalf of the Board and deposit the money received by him into the Board's account.
(2) The authorized officer shall be required to furnish to the Board securities or sureties for such amounts as to the Board may specify in the behalf. Solvency of sureties shall got to be verified by a Revenue officer at the beginning or each year.
(3) An authorized officer shall grant a printed receipt in form 70 dully numbered and - 32 - stamped for every payment the receives on behalf of the Board.
(4) In absence of a printed form of receipt, an authorized officer may give a temporary receipt in manuscript at the time or receiving any payment.
Provided that within two days from the date of which the payment was received the authorized officer shall replace such manuscript receipt by a receipt in the printed form 81.
(5) The authorized officer shall be competent to keep cash balance the amount accumulated in excess of the limit of remittance to the board. The accumulated amount in cash shall be credited to the funds of the Board at the end of each year.
(6) An officer authorized to hold cash balance of the wakf fund, shall be responsible for its safe custody and also for reimbursement of the amount to the Board in case any loss is caused due to the theft, fraud, fire or any other cause. Provided that, if after an enquiry, as the Board may think fit, the Board is satisfied that the loss was unavoidable and was not due to any negligence on the part of the Officer, in whose custody the loss occurred, the Board may not insist on re-imbursement of the amount from the officer concerned, and it may be written off.
(7) Amount required for' expenditure during every year shall be deposited by the Board with the nearest State Bank of India Or in any nationalized Bank at Ranchi Branch, to be operated by the Chief Executive Officer or any other authority authorized by the State Government.
(8) Amounts not required for expenditure during the year shall be invested by the board in fixed deposits for a period not exceeding three years in any of the Scheduled Banks defined in the Reserve Bank of India Act, 1934.
(9) The investment under Sub-Rule (8) shall not be pledged en cashed, or withdrawn without the prior sanction of the State Government.
(10) Every Payment in excess of Rs. 3,000/- shall be made by a cheque and not in cash. The Officer making such payment shall be responsible for obtaining a proper receipt of the amount passed and the vouchers for the same.