Section 20(6)(e) in The Goa, Daman and Diu School Education Act, 1984
(e)the authorized officer or the authorized body shall have the right to open any account in any bank or to draw money from any Fund referred to in section 10. No person in charge of the management of the school at any time before the date on which the management of the school is taken over under sub-section (1) shall have such right.