Section 12(a) in The Punjab State Warehousing Corporation Regulations, 1976
(a)The managing director shall act as Controlling and Disbursing Officer in respect of all funds of the Corporation and subject to the specific delegation mentioned in sub-regulation (iii) shall operate the bank accounts jointly with either the Secretary or Accounts Officer upto a sum of Rs. 50,000/- and in excess of Rs. 50,000/- jointly with the Chairman or a Director and shall draw, accept and endorse bills of exchange and other instruments in the current and authorised business of the Corporation and shall sign all other accounts receipts and documents connected with such business.
