Section 15 in The M.P. State Warehousing Corporation Rules, 1971
15. Maintenance of and operation upon bank account and investment of the Corporation.
(1)All money belonging to the Corporation shall be deposited in the Reserve Bank, or the State Bank of India, or subject to the provisions of this rule in such Scheduled Bank or Co-operative Bank as may he approved for this purpose by the State Government to the account of the Corporation.(2)All payments by or on behalf of the Corporation shall be made by cheques except for amounts not exceeding Rs. 500/- which may be made in cash from the amount of impress sanctioned for such purposes.(3)Such cheques and all orders for making deposits or investment or for the withdrawal of the same for the disposal in any other manner of the funds of the Corporation shall be signed by the Managing Director or by any other officer of the Corporation authorised by the Board of Directors in this behalf.(4)No payment shall be made out of the accounts of the Corporation unless the expenditure is covered by financial estimate referred to in sub-section (1) of Section 26, provided, however, that the Executive Committee may, at its discretion, authorise expenditure being incurred in anticipation of such estimate. The statement of expenditure so incurred shall be submitted to the Board of Directors at its next meeting.(5)All monetary transactions shall be entered in the cash book as soon as they occur and be attested by an officer of the Corporation duly authorised in this behalf. The cash book shall be closed daily and completely checked by the Managing Director or the officer authorised by him in this behalf. At the end of each month, the Managing Director or the officer so authorised shall verity the cash book and the cash in hand and record a signed and dated certificate to that effect.(6)All payments by the Corporation shall be made on bills or other documents duly prepared and passed by the Managing Director or any other officer authorised in this behalf. The paid voucher shall he stamped "paid" or so cancelled that they cannot be used a second time. They shall then be kept serially numbered and produced at the time of audit.
