FINANCES OF THE COUNCIL
(1) There shall be established a fund under the management and control of the Council into
which shall be paid all moneys (including donations and grants) received by the Council
and out of which shall be met all expenses including any donations made and liabilities
properly incurred by the Council.
(2) The Council may invest any money for the time being standing to the credit of the fund
in any Government security or in any other security approved by the Central Government.
(3) The Council shall keep proper accounts of the funds distinguishing capital from
(4) The annual accounts of the Council shall be subject to audit by a Chartered Accountant
in practice within the meaning of the Chartered Accountants Act, 1949, (38 of 1949), to be
appointed annually by the Council :
Provided that no member of the Council who is a Chartered Accountant or a person who is in
partnership with such member shall be eligible for appointment as an auditor under this
(5) As soon as may be practicable at the end of each year, but not later than the 30th day
of September of the year next following, the Council shall cause to be published in the
Gazette of India a copy of the audited accounts and the report of the Council for that
year and copies of the said accounts and report shall be forwarded to the Central
Government and to all the members of the Institute.
(6) Subject to such directions as the Central Government may, by order in writing, make in
this behalf, the Council may borrow -
(a) Any money required for meeting its liabilities on capital account on the security of
the fund or on the security of any other assets for the time being belonging to
(b) For the purpose of meeting current liabilities pending the receipt of income by way of
temporary loan or over-draft.
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