CHAPTER VI FINANCIAL PROVISIONS

CHAPTER VI FINANCIAL PROVISIONS

29. Fund
All the monies received by or on behalf of the Bar Council shall be credited to the Fund of the Bar Council and shall be kept in such Bank or Banks as the Bar Council may from time to time specify. Bank accounts shall be operated in such manner as the Bar Council may by a Resolution determine.

30. Budget
An annual Financial Statement in respect of every financial year containing a statement of the estimated receipts and expenditures for the year as approved by the Executive Committee shall be placed before the Bar Council for authorisation and sanction.

31. Supplementary Budget
If in respect of any financial year it is found that the amount authorized to be expended for a particular service for the current financial year is insufficient or that a need has arisen for expenditure upon some new service not included in the Annual Financial Statement for that year, or that any money has been spent during a financial year in excess of the amount granted for the service for that year the Executive Committee shall have power to authorize expenditure from the fund of the Bar Council and a supplementary Financial Statement shall with a report, if any, of the Executive Committee there for, be placed before the Bar Council for authorization and sanction.

32. Statement of Accounts
Account Books shall be maintained in due course wherein all receipts and disbursements shall be duly entered and statement of accounts shall be prepared at each quarter and placed before the Executive Committee and the Bar Council at the first Meeting after the same is ready.

33. Audit Report
The Accounts Books so maintained shall be audited by a Chartered Accountant and a detailed Audit Report, along with such remarks as the Chartered Accountant deems necessary to make, shall be placed before the Executive Committee atleast fifteen days before the date of the Meeting of the Bar Council in the beginning of a financial year or as soon as possible thereafter at which Meeting it shall be placed before the Bar Council along with a report, if any, of the Executive Committee.

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