(1) All moneys and receipts forming part of the Fund shall be deposited in the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934, or in the State Bank of India, constituted under the State Bank of India Act, 1955, or any corresponding new Bank as defined in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, or any other scheduled bank or the State Co-operative Bank or such other co-operative bank as the Government may notify in this behalf and the bank 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.
(2) 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 Board in respect thereof as they may deem fit and the Board shall comply with all such instruction. A copy of the accounts of the Board, as certified by the Auditor together with a copy of the audit report Power of Board to borrow.
Deposits of Fund and placing of accounts and audit report before the Government.
Central Act 2 of 1934.
Central Act 23 of 1955 Central Act 5 of 1970.
16 [Act No.34 of 1987] thereon shall be laid on the table of the 9Legislature of the State.
15. Where the Fund or any portion thereof cannot be utilised within a period of ninety days for fulfilling the objects of the Act, the Board shall invest the same in any of the securities specified in clauses (a) to (d) of section 20 of the Indian Trusts Act, 1882 or in fixed deposit bonds of the State Co-operative Bank or such other Co-operative Bank as the Government may notify from time to time in this behalf, or in such other security as may be expressly authorised by the Government in this behalf.
16. The Government may give to the Board such directions as in their opinion are necessary or expedient in connection with the expenditure from the Fund or for carriying out the purposes of this Act and it shall be the duty of the Board to comply with all such directions.