(1) All funds properties grants etc collected in the name of Institutions whether from the Government or the public or private individual shall be brought to account in the case book and financial statement of that institution and it shall be used for the purpose of which the funds were collected or donated. They shall not be used for any other purpose without approval of the competent authority. The school fees, grant from Government and their income shall be pooled together as institution’s funds.
(2) Funds not required for immediate use shall be deposited in the Nationalised Bank referred to above on behalf of the institution and not in the name of any individual. Every institution shall maintain day to day accounts, registers and their records are at all times open to Inspection by the competent authority.