Section 10 in The Chhattisgarh State Electricity Board General Provident Fund Regulations, 2001
10. Functioning of the Board of Trustees administration of the fund.
(a)The Board of Trustees shall maintain proper accounts of its income and expenditure, which will be audited by auditor of the CSEB as well as Accountant General of the State or in any other manner deemed fit by the Board of Trustees subject to approval of the CSEB.(b)The Board of Trustees by resolution may decide to invest the amount so available with the fund in Government securities to yield maximum interest. Trust may by resolution decide a loan to CSEB also subject to the condition that CSEB shall give interest at a rate of 1% more than rate of interest on which loan is sanctioned to CSEB by the nationalized banks and on such other conditions as may be imposed by the Board of Trustees and in particular a condition about repayment of loan.(c)CSEB shall provide staff for maintenance of account and running of the office of the Board of Trustees including expenses required by the Board of Trustees for its proper functioning. The staff shall be paid employees of CSEB.(d)All investments will be in the name of Chhattisgarh State Electricity Board Provident Fund Trust.(e)If necessary the Board of Trustees may obtain exemption from income tax authorities on the interest earned by the trust.(f)The Board of Trustees shall be competent to frame its bye-laws rules for the day to day discharge of their duties, functions maintenance of accounts and other relevant and incidental matters in accordance with these regulations.(g)All payments towards the payment of PF of Part thereof to an employee shall by duly made from and out of the fund in accordance with these regulations and other rules/regulations governing the CSEB.(h)To get the Chhattisgarh State Electricity Board Provident Fund Trust duly registered and incorporated under relevant laws of the state, the Secretary or any other Member of the Board of Trustees may by resolution be authorised to sign, execute all documents, appointment of advocate or to do anything that may be deemed necessary in this respect.(i)The Secretary to the Board of Trustees, elected under these regulations, shall be competent to enter into all correspondence relating to the management of the fund and shall sign and issue necessary receipt for any money received into the fund and maintain accounts thereof. The Secretary may be authorized to meet contingent expenses not exceeding Rs. 2,000/- in a month. The Board of Trustees may approve or sanction expenditure of larger sum in the interest of the Trust.(j)Suggest amendment in the regulations as and when deemed necessary, provided that the Secretary shall, in the notice of the meeting specifically mention a brief note on the proposed agenda. The amendment when passed by the Board of Trustees shall be forwarded to the Chairman CSEB to take necessary steps to amend these regulations suitably.(k)To appoint/nominate officers to receive declaration forms in Form "A", nomination in Form "B".(l)Board of Trustees shall accept past provident fund accumulation of an employee who is already a member of any PF Scheme with his previous employer and joins the service of CSEB. On his admission as part of this PF his accumulation shall stand credited to this account.(m)If an employment of the member ceases and he joins any other establishment Board of Trustees shall transfer the amount of accumulation standing to the credit of the member in the fund to the credit of his account with new employer.(n)If the Board of Trustees is satisfied that the money as drawn by the member as an advance or loan from the fund has been utilized for a purpose other than that for which sanction was given to the drawal, withholding or withdrawal of the money, the amount in question, shall with interest forthwith be repaid or paid, as the case may be, by the subscriber to the fund, or in default, be ordered to be recovered by deduction in one sum from the emoluments of the subscriber, even if he be on leave. If the total amount to be repaid or paid, as the case may be, be more than half the subscriber's emoluments recoveries shall be made in monthly instalments as may be fixed by the Board of Trustees.
