(1)Under the provisions of Pubic Accountants' Default Act, 1850(a)every public accountant shall give security for the due discharge of the trusts of his office;(b)the security shall be such as shall be required by the authority by which such public accountant is appointed to his office;(c)a public accountant means any person who is entrusted with the receipt, custody or control of any moneys, or securities for money; and(d)any public accountant and his sureties may be proceeded against for any loss or defalcation in his accounts.(2)Under the provisions of Rule 3.5 of the Punjab Subsidiary Treasury Rules regarding security deposits cashiers, storekeepers, sub storekeepers, clerks, temporary subordinates and other classes of establishment entrusted with the receipt and custody of cash or stores or who are required to handle money, shall be required to furnish security, the amount being regulated with reference to the amount of cash (or stores) which is in the hands of the individuals from time to time or according to the circumstances and local conditions. The amount of security shall not, in any case, be less than 10% of the maximum amount of cash that is likely to be in the hands of such Government servants.
