Section 28, Sectlor} 4-1(2) (g (i) Subject to the provisions of this rule, all moneys belonging to the Corporation Shall be deposited in anyone or more of the following banks as may be decided by the Board, from time to time :-
(a) Reserve Bank of India,
(b) State Bank of India or its subsidiary banks
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(c) Punjab State Co-operative Bank, Chandigarh.
(d) Central Co-operative Banks in the Punjab State. ,
(i) Any funds of the Corporation not required for current expenditure may be placed in fixed deposit or deposit at call accounts with any of the Bank(s) mentioned in sub-rule (i) above.
(iii) A_current acgour_\t may be opened, closed or transferred by the Managing Director and in his absence by the Secretary for head office and for each of the Warehouses with any of the Bank (s) entioned in sub-rule (i) above. The amount to be kept in the current account shall ordinarily remain within the limits prescribed by the Board from time to time.
(iv) All payments by or on behalf of the Corporation shall be made by ch~ques except payment of amounts not exceeding Rs.200(- which may be made In cash from the amount of the interest sanctioned for such purposes from time to time.
(v) Bank Accounts will be operated upon singly or jointly by any of the officer of the Corporation, in accordance with the delegation of powers approved the Board from time to time.
(vi) No payment shall be made out of the accounts of the Corporation unless the expenditure is covered by the Financial estimates referred to in sub-section
(1) of section 26 of the Act;
Provided that the Executive Committee may, at its discretion, authorise any expenditure to be incurred in anticipation of such estimates and the statement of expenditure so incurred shall be submitted to the Board at its next meeting.
(vii) Any excess expenditure over the budget provision occurring in the normal working of the Corporation and disclosed in the financial accounts shall be got regularised with the approval of the Board.
(vii) All monetary transactions shall be entered in the cash book, as soon as they are conducted and attested by an officer of the Corporation duly authorised by the managing director in this behalf. The cash book shall be closed daily and checked by the managing director or any officer authorised by him for this purpose. At the end of each month, the managing director or the officer so authorised by him in this behalf, shall verify the cash book and the cash in hand and record a signed and dated certificate to that effect.
(ix) All payments by the Corporation shali be made on bills or other documents duly prepared and passed by the Managing Director or any other officer
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