Section 12 in Kerala Advocates' Clerks Welfare Fund Act, 2003
12. Borrowing and investment of Funds.
(1)The Committee, may with the prior approval of the Government, borrow from time to time any sum required for carrying out the purposes of this Act.(2)The Committee shall deposit all moneys and receipts forming part of the Fund in the Treasury Accounts or in any Scheduled Banks as defined in the Reserve Bank of India Act, 1934 (Central Act 2 of 1934) 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 State Government, with the approval of the Government or in any other manner as may be prescribed.(3)All amounts due and payable under this Act and all expenditure relating to the management and administration of the Fund shall be paid out of the Fund.(4)The accounts of the Committee shall be audited annually by a Chartered Accountant appointed by the Committee, with the prior approval of the Government.(5)The accounts as certified by the auditor together with the audit report thereon shall be forwarded to the Government by the Committee and the Government may issue such directions as it deems fit to the Committee in respect thereof and shall place such accounts and the audit report thereon before the Legislative Assembly.(6)The Committee shall comply with the directions issued by the Government under sub-section (5).
