Section 18: Finances of the Council

18. 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 received by the Council and out of which shall be met all expenses and liabilities properly incurred by the Council. 1Subs. by F.A.O., 1975, Art. 2 and Table for “Central Government”. (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 Council. (3) The Council shall cause maintenance of proper accounts of the funds distinguishing capital from revenue. (4) The annual accounts of the Institute shall be subject to audit by chartered accountant within the meaning of the Chartered Accountants Ordinance, 1961 (X of 1961): Provided that no member of the Council or person who is in partnership with such member shall be eligible for appointment as an auditor under this sub­section. (5) As soon as may be practicable after the close of each year, but not later than the thirtieth day of November next following, the Council shall cause to be published 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 1[Federal Government] and to all the members of the Institute. (6) The Council may borrow from a scheduled bank as defined in the State Bank of Pakistan Act, 1956, (XXXIII of 1956) or from the 1[Federal Government]:__ (a) any money required for meeting its liability on capital account on the security of the funds or on the security of any other assets for the time being belonging to it; or (b) for the purpose of meeting current liabilities by way of temporary loans or overdraft pending the receipt of income. CHAPTER IV REGISTER OF MEMBERS

Effective date: 1966-01-01

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