Section 11 in The Himachal Pradesh Advocates Welfare Fund Act, 1996
11. Funds, borrowing and investments.
(1)The Trustee Committee may, with the prior approval of the Government and the Bar Council, borrow, from time to time, any sum required for carrying out the purposes of this Act.(2)The Trustee Committee shall deposit all moneys and receipts forming part of the Fund in any Scheduled Bank or invest the same in any units issued by the Unit Trust of India or any National Savings Certificates issued by any Post Office or in loans floated by any Corporation owned or controlled by the Central Government or the State Government or in securities or in loans floated by the Central Government or the State Government or in any other manner as the Bar Council may, from time to time, direct with the prior approval of the Government.(3)All amounts due and payable under this Act and all expenditure related to the management and administration of the Fund shall be paid out of the Fund.(4)The accounts of the Trustee Committee shall be audited annually by a Chattered Accountant approved by the Bar Council.(5)The accounts of the Trustee Committee as certified by the auditor, together with the audit report thereon, shall be forwarded to the Bar Council and the Government by the Trustee Committee and Bar Council may issue such directions as it deems fit to the Trustee Committee in respect thereof.(6)The Trustee Committee shall comply with the directions issued by the Bar Council under sub-section (5).
