Section 27 in The Maharashtra State Council of Examinations Act, 1998
27. State Council's fund, its custody and investment.
(1)The State Council shall have its fund and the following receipts be credited thereto-(a)fees, royalties and charges including penalties, levied and collected by the Council;(b)grants, assignments, contributions and loans, if any, made to it by the Government;(c)bequests, donations and endowments or other contributions, if any;(d)interest on, and sale proceeds of, any securities vested in it;(e)all rents and profits from the property vested in it;(f)other moneys received by, or on behalf of, the State Council.(2)The State Council may keep in current or saving deposit account with the State Bank of India or with any Scheduled Bank as defined in the Reserve Bank of India Act, 1934, Banking Regulations Act, 1949, or with any other bank approved by the Government in this behalf, such sum of money out of its Funds as may be prescribed and any money in excess of the said sum shall be invested in such manner as may be approved by the State Council.(3)Such accounts shall be operated upon by such officers of the Council as may be authorised it by regulation made in this behalf.
