(v)The Secretary shall receive from the Headmaster/Principal daily an account of the sum realised in fees and fines or on any other school account. The money required for immediate expenditure shall be disbursed as soon as possible. All surplus funds must be deposited month by month or more frequently if possible in the Postal Savings Bank, in a branch of the State Bank of India or in a bank approved by the Board of Secondary Education or it should be invested in the National Savings Certificates and other Government securities. The account in the bank or the investments in Government securities shall be in the joint names of the Secretary and one member of the Managing Committee to be selected for this purpose by the committee.
