Section 3(1) in The Maharashtra Educational Institutions (Transfer of Management) Rules, 1972
(1)Where any directions have been issued under section 4 requiring any educational institution to pay the salaries of its employees as specified in the pay bill,-(a)the Principal Officer shall open an account in the name of the institution in such District Co operative Bank or Nationalised Bank which is near the Principal Office of such institution;(b)the account shall be operated jointly by the Principal Officer and the Education Officer;(c)the Principal Officer shall be responsible to see that every employee of the institution also opens an account in his name in the same Bank in which the Principal Officer has opened the account under clause (a);(d)All fees realised by the institution and the amount of salary grant paid to the institution shall be created by the Principal Officer in such Bank account;(e)All sums so created in the Bank account of the institution shall be utilised exclusively for the purpose of disbursement of monthly salaries and allowances of the employees of the institution.
