Section 12 in M.P. Adhivakta Kalyan Nidhi Adhiniyam, 1982
12. Funds, borrowing and investments.
(1)The Trustee Committee may 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 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.(3)All amounts due and payable under this Act and all expenditures 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 a Chartered Accountant appointed by it.(5)As soon as the accounts of the Trustee Committee have been audited, the Trustee Committee shall send a copy thereof together with a copy of the report of the Chartered Accountant and thereon to the State Government.(6)The Trustee Committee shall comply with such directions as the State Government may, after perusal of the audit report of the Chartered Accountant think fit to issue.
