Section 3 in Punjab Education Development Rules, 1999
3. Maintenance of Accounts.
(1)The accounts of the Board shall be maintained on the basis of financial year.(2)All funds belonging to the Board shall be kept by the Board, in the State Bank of India or in any other Scheduled Bank as the Government may direct.(3)The accounts of the Board shall be maintained by the Member-Secretary.(4)No transfer shall be made from one account to another account without the previous sanction of the Board.(5)All properties belonging to the Board shall be held in the name of the Board.(6)The Member Secretary shall take necessary action for drawing interest upon Government securities held by the Board.(7)Transfer of any Government security held by the Board shall be made with the previous approval of the Board.
