State Act

THE KARNATAKA ADVOCATES' WELFARE FUND ACT, 1983

10. Borrowing and investment.- (1) The trustee committee may, with the prior approval of the State 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 loans to any corporation owned or controlled by the Central Government or the State Government 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 State Government. (3) All amounts due and payable under this Act and all expenditure relating to the management and administration of the Fund 1[and all expenditure relating to supply of Welfare Fund stamps]1 shall be paid out of the Fund. (4) The accounts of the trustee committee shall be audited annually by a chartered accountant appointed by the Bar Council. (5) The accounts of the trustee committee, as certified by the auditor, together with the audit reports thereon, shall be forwarded to the Bar Council by the trustee committee and the 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).