Section 30 in The National Oilseeds And Vegetable Oils Development Board Rules, 1984
30. Deposit of funds of the Board in banks and investment of such funds.
(1)Money required for the current expenditure of the Board with the exception of petty cash and surplus moneys shall be kept in a bank account in the State Bank of India or any of the nationalised banks and operated as per requirements and expenditure shall be incurred only after the sanction thereof by withdrawing money from this account.(2)Funds in the Board's Pension Fund or Provident Fund not required for current expenditure may be invested in Trustee Securities or Ten Year Treasury Savings Deposit Certificates or national Savings Certificates or National Deposit Certificates or National Savings Certificates or National Deposit Certificate to the extent permissible or in fixed deposit with the State Bank of India or any of its subsidiaries or, if approved by the Central Government, with any other nationalised Bank.Explanation. - In this sub-rule,'nationalised bank' means a corresponding new bank constituted under Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 or (5 of 1970) Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).(3)Payment by or on behalf of the Board shall be made in cash or cheque drawn against the account of the Board.(4)[ Such cheques and all orders for making deposit or investment or withdrawal of the same or for the disposal in any other manner of the funds of the Board shall be signed by the Secretary and in his absence by Finance and Accounts Officer end countersigned by the Executive Director or any other officer of the Board duly authorised by him.] [Substituted by Notification No. G.S.R. 634(E), dated 12.10.1998 (w.e.f. 9.3.1984)]
