Section 20 in Gujarat District Mineral Foundation Rules, 2016
20. Bank Account.
(1)The District Mineral Foundation shall have the power to open, operate and close one or more bank accounts in its own name in a public sector bank.(2)The District Mineral Foundation may open such types of bank accounts as may be approved by the Governing Council. Such accounts shall be opened at a branch of a public sector bank located in the district of the District Mineral Foundation.(3)Prior to opening of each bank account, the Governing Council shall also approve an authorisation matrix for operation of bank accounts, specifying the particulars of members and their respective authorisation limits:Provided that, such authorisation matrix must include operation of bank accounts under the joint signatures of at least two of the three signatories; the two signatories being the Chairman and Member Secretary of Executive Committee.(4)The Governing Council may approve investment of any unutilised funds in the bank account of the District Mineral Foundation in the following manner, namely:-(a)such investments may be liquidated at any time;and (b) there is no risk to the principal amount so invested.
