Section 20 in The Mizoram Aided College Employees (Death-cum-Retirement Gratuity) Rules, 1990
20. Constitution and custody of the fund.
(1)There shall be formed a fund to be called the "Mizoram Aided College Employees' Death-cum-Retirement Gratuity Fund" to which shall consist of-(a)Contributions by the State Government;(b)Any contribution by the Government of India ;(c)Such other sums as the State Government may transfer from the unspent balance of the budget provisions of any year ;(d)Donation, if any, by the public, any institution, autonomous body, association or authority.Note. - The contributions to the fund shall be credited by the State Government by deduction from the grant-in-aid and the maintenance grants, as the case may be.(2)The Mizoram Aided College Employees' Death-cum-Retirement Gratuity Fund shall be vested in the Director and may be kept with the State Bank of India or with one of the Nationalised Bank or the Mizoram Co-operative Apex Bank Limited or any other Bank with the approval of the Government as shown in the Appendix.(3)The Director may, with the approval of the Government, set apart and apply out of the fund such sums as may be required to meet the charges on account of the maintenance of the said fund.(4)The money lying in excess of the actual requirements may be invested in Government approved sureties or such other investment fund.(5)The Director shall maintain for the purpose appropriate books of accounts and record including cash book and bank pass books and cheques.(6)The accounts of the fund shall be audited periodically by the Examiner of Local Accounts of the State Government.
