( I) All moneys and kccipts forming part of the Fund shall, with the previous sanction oithe Governmeit, be deposited in the State Bank of India constituted under the State Bank of lndiaAcçI955 (Central Act 23 of 1955) or in any subsidiary bank within the meaning of clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (Central Act 38 df 1959) or in any corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970), or in any District Fooperative Bank or in the Treasury Savings Bank, and such account shall be operated upon by such officers of the Board as may be authorised by the Board and in such manner as may be! Prescribed.
The Accounts of the Board. as certified by the auditor, together with the audit report thereon, shall be forwarded yearly to the Government and the Government may issue such instructions to the l3oarél in respect thereof as they deem fit and the Board shall eonip ly w t Ii such instruct ons, The Government shall cause the accounts of the Board together with the audit report thereon forwarded to theM tinder sub-section (2) to be laid yearly before the Legislative Assembly of the State
20. /ni'esunent of Fund-If the Fund or any portion thereof cannot be applied at an early dale for carrying out any bf the activities referred to in this Act, the Board shall flfl[deposit [he same in Government Treasuries or in nationalised banks or in scheduled banks or in district co-operative banks or] invest the same in any of the securities specified in clauses (a) to (d) and (I) of section 20 of the Indian Trusts Act, 1882 (Central Act2ofISS2).
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21 Power of Government to give directions to Board-The Government may give the Board such directions as in their opinion are necessary or expedient in connection with the expenditure from the Fund or for carrying out the purposes of this Act, and it shall be the duty of the Board to comply with such directions.