Funds, borrowing and investment.

§12

Summary

(1) The Trustee Committee may, with the recommendation of the Bar Council and the prior approval of the State Government, borrow, from time to time, any sum required for carrying out the purposes of this Act. (2) The Trustee Committee shall deposit all moneys and receipts forming part of the Fund in any scheduled bank or invest the same in the units issued by the Unit Trust of India, the National Post Office Savings Certificates or any other Government Security or in loans to any corporation owned or controlled by the Central Government or the State Government or in loans floated by the Central Government or the State Government or in any other manner as the Bar Council may, from time to time, direct with the prior approval of the State Government. (3) All amounts due and payable under this Act and all expenditure relating to the management and administration of the Fund shall be paid out of the Fund. (4) The accounts of the Trustee Committee shall be audited annually by the Chief Auditor, Local Fund Accounts or any other person empowered by the State Government to perform the functions of an auditor under the 1Bombay Local Fund Audit Act, 1930 (Bom. XXV of 1930), as if the Fund were a Local Fund and the Trustee Committee were a Local Authority within the meaning of these expressions in the said Act. (5) The accounts of the Trustee Committee, as certified by the auditor, together with the audit report thereon, shall be forwarded to the Bar Council by the Trustee Committee and the Bar Council may issue such directions as it deems fit to the Trustee Committee in respect thereof. (6) The Trustee Committee shall comply with the report of the auditor and the directions issued by the Bar Council under sub-section (5) 2[as early as possible but in any case within a period of three months from the date of receipt of such audit report or directions].

(1) The Trustee Committee may, with the recommendation of the Bar Council and the prior approval of the State Government, borrow, from time to time, any sum required for carrying out the purposes of this Act. (2) The Trustee Committee shall deposit all moneys and receipts forming part of the Fund in any scheduled bank or invest the same in the units issued by the Unit Trust of India, the National Post Office Savings Certificates or any other Government Security or in loans to any corporation owned or controlled by the Central Government or the State Government or in loans floated by the Central Government or the State Government or in any other manner as the Bar Council may, from time to time, direct with the prior approval of the State Government. (3) All amounts due and payable under this Act and all expenditure relating to the management and administration of the Fund shall be paid out of the Fund. (4) The accounts of the Trustee Committee shall be audited annually by the Chief Auditor, Local Fund Accounts or any other person empowered by the State Government to perform the functions of an auditor under the 1Bombay Local Fund Audit Act, 1930 (Bom. XXV of 1930), as if the Fund were a Local Fund and the Trustee Committee were a Local Authority within the meaning of these expressions in the said Act. (5) The accounts of the Trustee Committee, as certified by the auditor, together with the audit report thereon, shall be forwarded to the Bar Council by the Trustee Committee and the Bar Council may issue such directions as it deems fit to the Trustee Committee in respect thereof. (6) The Trustee Committee shall comply with the report of the auditor and the directions issued by the Bar Council under sub-section (5) 2[as early as possible but in any case within a period of three months from the date of receipt of such audit report or directions].

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