Section 50 in The M.P. Zila Panchayats (Accounts) Rules, 1999
50. Verification of Securities.
(1)Securities shall be examined and verified by the first April in each year by the Chief Executive Officer and a certificate, to the effect that this has been done, shall be given by the Verifying Officer against each item in the remarks column of the security register to the kept in Form ZP-15.(2)Verification of Solvency. - In case where personal security is furnished, the solvency of the security shall be verified before acceptance by the Chief Executive Officer or the Officer nominated by him for this purpose. He shall be responsible for verifying the continued solvency of the securities once in a year.
